IC taxes - IC

Posted: Oct 31st, 2017 - 12:44 pm In Reply to: Sorry - There are deductions as IC - LinK

With the deductions for business expenses for use of the home as well as the software, equipment, furniture, etc., and also individual retirement account contributions which hopefully many people make, a low percentage is owed in taxes. Of the self-employment taxes which cover the FICA amount for Medicare and Social Security, half is subtracted from adjusted gross income on Form 1040. Cost of any tax software is a deduction which may be allocated between business income and other income. I prepare my federal return with the software and then complete the state return on my state website. If you have another job as an employee, or your spouse is employed, federal and state taxes can be withheld by that employer.

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For all who work IC - Question (Views: 1178, 2017-10-30, 10:02 am)
- IC taxes - IC (Views: 1266, 2017-10-30, 12:41 pm)
  - IC sounds like a troll, in my opinion. Nothing good about IC at all. - anon (Views: 1059, 2017-10-30, 1:03 pm)
    - Who do you think you are? - Angry people (Views: 1089, 2017-10-31, 5:39 am)
      - Sorry - There are deductions as IC - LinK (Views: 845, 2017-10-31, 12:07 pm)
        IC taxes - IC
        I was charged 6000 in self-employment tax alone for last year - just saying, nm (Views: 795, 2017-10-31, 2:25 pm)
        6000 of SE tax - income of about $45,000 - IC (Views: 794, 2017-10-31, 2:43 pm)
        that statement ended with just saying, where did you read a complaint, it was an FYI - nm (Views: 627, 2017-11-02, 5:02 pm)
        Then you had to make a HUGE income to - reach $ 6000 in self-employment tax (Views: 635, 2017-11-03, 4:19 pm)
        I've taken those same deductions as an employee, so they're not solely an IC benefit, nm - MT (Views: 651, 2017-11-01, 4:37 am)
        IC deductions versus employee deductions - IC (Views: 727, 2017-11-01, 6:23 am)
  - I have never found an expander to make much difference in VR, especially when you have - to keep an eagle eye out, sm (Views: 602, 2017-11-02, 5:12 pm)
- You're confused because we are at a dead end. - ANON (Views: 932, 2017-10-30, 12:55 pm)
  - Not to mention 3 cents, no benefits, and never a raise! - anon (Views: 790, 2017-10-30, 1:29 pm)
    - IC taxes - IC (Views: 1152, 2017-10-30, 1:34 pm)
- I do 25% of income - nm (Views: 880, 2017-10-31, 2:26 pm)
  - This is what I did too. - in the know (Views: 646, 2017-11-02, 8:12 am)
    - 25% set aside or pay in? - IC (Views: 720, 2017-11-02, 9:43 am)
      - Set aside - nm (Views: 665, 2017-11-02, 1:28 pm)