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Posts Tagged ‘money’

Question: I received a w2 for my hours and a 1099 for my commission. Is this legal.?

I received a w2 for my hours and a 1099 for my commission, I make more money a week with my hourly wage and about fifty dollars commission. When I got my w2 I thought my boss would pay his half of the taxes and fica, but he left that to me by putting my commission on a 1099. I am a full time employee and work at all times in the store. Is this legal that he will not pay taxes on my commission. Can he give me a w2 and a 1099, I am not self employed he should still have to pay his part of the taxes and fica. Please help cant get a straight answer.

Answer: Strictly illegal. Ask him to correct the W-2 to include all the income and cancel the 1099MISC.

The View From Here . . .

While there are still about two months until the midterm elections, it seems more and more likely that there will be large Republican gains in Congress. The latest Gallup tracking poll gives Republicans a 10-point lead in party preferences, the party’s highest margin in the poll’s history.

Question: How do I pay taxes as a new 1099 employee?

I’m a new 1099 employee. How do I file taxes–quarterly? What’s the first step? I’m new to this. I receive a paycheck every week, but since I’m not full-time, my employer doesn’t take out any taxes. What do I need to do to report and pay taxes? My husband works full-time, and we’ve always filed a joint annual return in the past–how does this affect his filing?

Answer: They aren’t taking taxes out because you are classified as a 1099 employee, not because you are part-time. And depending on your job duties, it might or might not be legal to classify you that way rather than as an employee, but that’s a different topic. See http://www.irs.gov/businesses/small/article/0,,id=99921,00.html for more info on that. Sometimes employers illegally classify employees as independent contractors to avoid paying employer taxes.

When you file your tax return, you’ll fill out a schedule C to show your income and any associated deductible expenses, then a schedule SE to calculate your self-employment tax which is 15.3% of your net income. The numbers from the bottom of those two schedules will then transfer to your 1040.

You can still file a joint return with your husband.

If you expect to owe $1000 or more in taxes, including both income taxes and self-employment taxes, you should file quarterly estimated returns and make payments with the return of the tax you expect to owe for that quarter’s earnings.

Tax help ready for returning Lewis-McChord soldiers

After a year spent fighting overseas, nearly 18,000 returning soldiers from Joint Base Lewis-McChord shouldn’t forget that they still need to pay their taxes.

Health Care Reform and The 1099 Tax on the Gold Ounce.

Question: How to find my local tax office?

I have left the UK and am trying to get a tax rebate through the P85 form, but am unsure where to send it. The tax code from my employer is for a tax office in Manchester, but I lived and worked in London. Should I be sending my forms to MY local office based on my post code, or the one in the company ref?
Thanks

Answer: Your Tax Office is where you work. Not where you live.

I live and always worked in the Home Counties till I retired. Some of my Tax Offices were in Manchester, Scotland, Birmingham, Exeter and Plymouth and even Northern Ireland.

Although really you could send it to any one and they will forward it to the right office.

Leaving for sunnier climes just got a lot more complicated

MORE than six million British nationals now live abroad permanently, roughly equivalent to 10 per cent of the entire UK population, or all of the Scottish population.

1 € = 10 cent

Question: what should my Hourly rate be if my job is asking me to go from W2 to a 1099 (indep. contractor)?

I was hired by a company in Florida 1.5 yrs ago while I was living there, but recently I’ve moved to Oregon and they’re allowing me to work remotely. However, they prefer that I become an independent contractor 1099 due to the benefits change and paper work involved. I would like to know how to calculate my hourly rate because currently I have Health Insurance, Dental, Short Term Disability, 2 weeks vacation, 2 personal days, 5 sick days. Should I take all of this into consideration as to what my hourly rate should be?

I know I will get my own LLC and I plan on hiring an accountant once that step comes, but right now all accountants are too busy with tax season to sit with me.

Thank you in advance.

Answer: You basis benefits as you described would be work approximately 35% of your base salary plus add the 7.5% for social security taxes.

Add approximately 43% to your current base salary and you will be making apprxoimately what you are currently making.

Health-care law may pose challenges for IRS, taxpayers

The new federal health-care law may pose compliance challenges for taxpayers and the Internal Revenue Service, an IRS ombudsman reported Wednesday. Health care – United States – Health – Politics – Health Care Reform

Question: Any way to reduce my Self-employment tax that I pay without decreasing my Income?

I know that the Self employment tax is 15.3 percent.I make $70,000 a year, and I’m self employed. I also get a 1099 that states my Income. I did one of those Turbo tax on line calculators and I had more deductions then income. So I didn’t owe anything on Income, but It said that I owed about 10,000 in self employment tax. Is there any way to not have to pay it or simply reduce it? Thanks.

Answer: There is no options here. If you were a wage earner the same amount of tax would be due but it would be paid by withholding and the employer’s share.

Bilski v. Kappos Supreme Court Desicion Gives Birth To The Only Patented Cost Basis Calculator In The World

The Supreme Court Ruled That Most Technologies Are Eligible For A Patent As Netbasis.com Becomes The Only Patented Cost Basis Calculator/Software Of It’s Kind…

AQT Basic Calculator M4. Printout “Personal Income”. Second Page.