I have been working as an Independent Contractor for my employer as of 9/11/08. I didn’t have a paycheck by the 9/15 so I will be paying my income from 9/11 on by the 01/15/09 quarterly pay date for small businesses. By the end of the year I will have earned about ,400 from this job. The only deduction I have is about for transportation.

I also held another job earlier in the year from which I earned about 0. Social Security and Medicare were witheld, but not income tax. Altogether I will have earned under the ,200 limit for the entire year of 2008.

What I am unsure of is if I still need to pay income tax. My quarterly earnings are such that I would have earned a taxable amount had I earned that much every quarter, so I am confused about that.

Also, how much of the 15.3% SS&M do I need to pay? I’ve seen literature talking about how half of Social Security and Medicare is usually paid by employers, half of it can be deducted from net earnings…it’s all very very confusing to me.

If anyone can give me an answer, or clarify this that’d be great. I’m not in the market for consultants (I already know some.)

4) You worked from 11:00 a.m. to 5:00 p. m. on Tuesday.
You worked from 8:00 a. m. to 4:00 p.m. on Wednesday.
How many hours have you worked?

5) Your annual salary is ,500.00. What is your monthly salary?

6) Your weekly salary is 0.00 plus 8% of your total sales of ,275.00. Calculate your weekly salary.

7) 65% of 800 is what amount ?

75 % of what number is .00?

9) What percentage of 0.00 is 6.00 ?

10) Change 15% to a decimal.

11) Your employer withholds 25% of your salary (for income tax, social security, medicare). Your weekly salary is 0.00 . What will be withheld by your employer ?

12) You make ,500.00 . Your state tax rate is 1 ½ % . You have two allowances ( exemptions ) . Each allowance is ,300.00 . How much do you owe ?

13) Your gross weekly pay is 0.00 . Your Medicare rate is 1.45 %. What is your Medicare deduction ?

14) Your employer takes 8.65 % of your check for Social Security and Medicare .
You make ,800.00 gross pay. What does your employer take or deduct ?

15) The annual healthcare cost for each employee is ,900.00 .
Your employer pays 80% . What do you pay ?

16) The annual healthcare cost for each employee is ,800.00 .
You pay 50% of this and get paid monthly . What is deducted from your paycheck each month?

17) Find the average of the following numbers.
,500.00 ,500.00 ,500.00
,500.00 ,500.00

19) The average of your last five years is ,500.00 . Your pension is 60% of this average.
What is your pension?

20.)Find the total monthly expenses
Monthly living = 5.00
Monthly fixed = ,278.00
Annual Expenses = ,400.00

21) You have made a purchase of .75 .
The state sales tax is 7% and the county tax is 1.25% .
The total tax is ______ and the total purchase price is _______.

22) You have purchased three pounds of hamburger for .97 .
The unit price is_______.

23) Which is the better buy ?
A 20 oz. Bag of chips for .00 or
a 10 oz. Bag for .50 .

24) A purse has a price tag of .99 . It is on sale at a 25% discount .
What is the sales price ?

25) Your business buys a product for 0.00 . Your business model tells you to mark up your product 33% . How much is the markup ?

My hubby started his own business and i have been attempting to find out exactly what the necessary information needed on a legal Pay stub would be. Can anyone tell me the vital info that HAS to be on it? I have all the deduction info for EI, CPP, Federal tax ect, dates, names or employee and employer, province of employment, pay period, gross/net income. Am I missing anything important? Does the Social Security # have to be on it?

Where I worked part time went out of business. I filed for Unemployment benifits and was notified I was elegible for .00 a week. Upon getting my first check stating .00 a week benefits Deductions: .00 for retirement, .00 for taxes thus my weekly payment is .00 (a distance from the .00 I was notified to recieve.) The reason for denial of full stated benefits is that I that I collect my own social security payment which they concider an income therefore the denial of full benefits.
I feel this to be descriminationg as my co-workers that are collecting Social Security from their spouses are recieving their FULL benifit with no deductions. I am being penilized for trying to make ends honestly meet and I feel this not fair.

I posted this 1/21/08 under business/other/taxes..I didn’t received any answers. Please help if you know….

I had to hire an attorney to get my Social Security. She was paid if it was approved. I paid her, rather ,000. plus was deducted for her payment. The IRS says that was not deductible. So I paid taxes on the total back pay.
Is this right?
I also want to know if my medical insurance payment is deductible. I don’t have the 5 or 7500. that is required. My Medicare plus part D is 0, plus per month, also a group insurance is 0. plus. My co-pay for medicine is 0. plus every 3 month. When one of us is hospitalized, we have a copay.
My husband and I file jointly. I feel that some where there should be a deductible for us. Without the group insurance payment we would far exceed the amount to have deductions, and be totally broke.
We both have spinal problems. My spine is deteriating and we would like to be able to do something outside to make an easier access for me to get in and out of the house. We simply can’t afford to.
Do disabled retires have any deductibles?

I posted this 1/21/08 under business/other/taxes..I didn’t received any answers. Please help if you know….

I had to hire an attorney to get my Social Security. She was paid if it was approved. I paid her, rather ,000. plus was deducted for her payment. The IRS says that was not deductible. So I paid taxes on the total back pay.
Is this right?
I also want to know if my medical insurance payment is deductible. I don’t have the 5 or 7500. that is required. My Medicare plus part D is 0, plus per month, also a group insurance is 0. plus. My co-pay for medicine is 0. plus every 3 month. When one of us is hospitalized, we have a copay.
My husband and I file jointly. I feel that some where there should be a deductible for us. Without the group insurance payment we would far exceed the amount to have deductions, and be totally broke.
We both have spinal problems. My spine is deteriating and we would like to be able to do something outside to make an easier access for me to get in and out of the house. We simply can’t afford to.
Do disabled retires have any deductibles?

I have estimated that I have made approx 35K this year , I am a small business owner and after all my deductions in expenses ( Business rent , and other receipts) I will have walked away with 35K this year , I am filing single with no depend ants in the state or Oregon I have paid no estimated payments and would like to know what I will be looking at as far as all my taxes including Social Security , Fed Income Tax , Sate Income Tax , Medicare ? Also what kind of stimulus will be coming if any?
Thanks..

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Gary Benton’s gross weekly salary is 1.00. His weekly federal withholding is .18. The Social Security tax is 6.2 percent of the first ,000.00. The Medicare tax is 1.45 percent of gross pay. The state tax is 1.5 percent of gross pay. Each week he pays .40 for medical insurance. What is Gary’s total deduction?

Husband works for a trucking company who provides the uniforms. Wife does his laundry at home with the entire families (4 children, 2 adults). How can the washer and dryer be used as a deduction? Also, how can he deduct his milage to and from work in his own personal car? Also, I know a tax preparer who used her grandchild’s social security number to get her IRS PTIN. She has a criminal record for writing bad checks and has been in jail several times. She knows how to use the system. She has stolen her children (which are now young adults) and grandchildrens social security numbers for false purposes. Her children now have bad credit and cannot make a life for themselves because of what she has done. She also does taxes and uses inflated personal / business expensed, and false deductions. How can I find out more about this person and how she has gotten by with tax fraud? The individuals she does taxes for has received close to 10K for the last few years and they know she is doing illigal tax practices. They just want the money. Can someone tell me what I could do to stop this before the new tax season starts? I have warned the individuals of the illegial tax filings and warned them that they could be audited. They seems to have no concerns. How can I put a "bug" in with IRS to stop this. We as tax payers don’t deserve to have these people walking free and making thousands of dollars while we are barely making "ends meet." I need some answers.

Ok I need to know more about the social security taxes. When you are working for someone, I know that the employer pays half of the medicare and social security taxes. Iam tryin to understand how does this work when you are self-employed(running ur own business), I read in the book that the IRS allows you to take half the amount as tax deduction on FORM 1040–I need some more clarification on what it means.