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Form Self Employment Tax 2017
Instructions. May I Use Short Schedule SE or Must I Use Long Schedule SE? Note: Use this flowchart only if you must file Schedule SE. If unsure, see Who Must File Schedule SE in the instructions. Did you receive wages or tips in 2017? No ▼ Yes ▼ ▼ Are you a minister, member of a religious order, or Christian Science practitioner who received IRS approval not to be taxed on earnings from these sources, but you owe self-employment tax on other earnings? Yes Was the total of your wages and...Show details
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What are the pros and cons of Indian budget 2017?Here are some PROS of the budget:If your income is less than Rs. 5 lakhs, you need to fill just a one-page tax form.If your annual income is between Rs. 50 lakhs and Rs. 1 crore, you will need to pay a surcharge of 10%.Self-employed? You can get higher deductions for your contributions to the National Pension Scheme (NPS). The deduction can be raised to 20% from 10% earlier.The base used for computing indexation benefits in the case of Long Term Capital Gains (LTCG) has been changed. This will now be 1st April, 2001 and not 1st April, 1981. What’s more? Now, you need to hold your land or building for just two years to enjoy LTCG. Earlier, this was three years. Wait! Read on for some more good news. You can now reinvest your capital gains in notified, redeemable bonds other than those issued by NHAI and REC to get a capital gains exemption.Love the NPS? Your partial withdrawal from NPS will now be tax-exempt up to 25% of your contributions.Living in a rented house and paying more than Rs. 50,000 a month? You have the right to deduct 5% Tax Deducted at Source (TDS).If you love booking rail tickets online, here’s some good news. There will be no service tax on rail tickets booked online through the Indian Railway Catering and Tourism Corporation (IRCTC) website.Running a business with a turnover of less than Rs. 50 crores? Your tax rate has now been cut to 25% for the Financial Year (FY) 2015-16.Start-ups can avail a tax holiday for 3 years out of 7 years. Earlier, this was 3 out of 5 years.An Aadhaar enabled payment system will be launched soon. You just need your Aadhaar number and biometrics to make and receive payments. How cool is that? 14 banks have already been roped in for the Aadhaar payment service. More are expected to come on board soon.Have you tried out the Bharat Interface for Money (BHIM) app? Then, do it now. The Government is all set to introduce a referral bonus and cashback for BHIM users.Now, any political party in India cannot receive a cash donation of more than Rs. 2,000 from any source.Here are some CONS:Love using cash? Uh-oh! Cash transactions of over Rs. 3 lakhs will be banned from 1st April, 2017.If your income is less than Rs. 3.5 lakhs, the tax rebate has been halved from Rs. 5,000 to Rs.2,500 now.Contemplating buying a home? You may not like this. The tax deduction that you were claiming for a Home Loan under Section 24, has been reduced to Rs. 2 lakhs for rented homes. Earlier, it was unlimited. This means that whether you purchased the property for self-occupation or for letting out, you can claim only Rs. 2 lakhs as tax deduction on the interest paid. And it doesn’t matter whether it is your first or second home.Delaying filing your taxes? Don’t! You may have to shell out Rs. 10,000 if you file your returns late.Heavy smoker? Be ready to pay more for your cigarettes as excise duty on them has gone up. Ditto for pan masala, gutkha, and bidis.Additional Read: An Overview Of The Union Budget 2017Union Budget 2017: What You Need To KnowWhat The 2017 Budget Means For Individual TaxpayersHere’s a video showcasing the budget highlights:If you have any other personal finance queries, feel free to signNow out - Adhil Shetty
How do I declare taxes on self-employment? I didn't get any form mailed out.Hopefully you have kept detailed records of both your income AND your expenses or you will likely end up paying far more tax than you should. Hopefully you have also kept track of this and paid in estimated taxes quarterly or you may end up owing penalties on top of the taxes. There may also be other taxes owed throughout the year depending on your type of business.Self employment taxes can be a unpleasant surprise to someone who thinks they owe no taxes because they made less than the amount you would normally owe income tax on. Self employment taxes start at only $600 of self employment income and you really don’t get any deductions or credits to lower it.But given you are just now asking (after the end of the year) how to file your self-employment taxes, I would guess your records and quarterly tax filings are lacking.The short version is you file Schedule C and SE. But given the apparent lack of knowledge and preparation, it may be wise to consult with a tax professional and/or accountant and make sure you have everything covered and that you get set up to keep track of income and expenses as you go next year. It will make things so much easier.
How much self-employment tax will I pay in 2017?What a bizarre question!Without knowing the following it’s hard to answer:What country/tax authority do you belong to?What are you expecting to earn?What, within the rules of the authority to which you belong, might you be able to claim and/or offset?In the UK, where I am based, you pay tax based on your income. However if you are self-employed income can depend upon your type of self-employment.Broadly, if you’re a sole trader, you pay tax on your business profit (tax consisting of income tax and national insurance). The NI rules differ to those for an employed person, but otherwise your tax bill will be roughly similar to an employee.If you work with a business set up as a limited company, you have other options, which an accountant could help you with. You are able to build value in the company (which pays different taxes) and pay income taxes only on the income you ‘pay’ yourself - this can be a tax effective way to build your net worth, as your shareholding increases as the business worth increases. You may also find some tax benefits to being paid in share dividends over being paid a salary.If you’re in doubt, seek advice.
How can my employer charge me taxes when I didn't fill out any form (like W2, W4, or W9)?**UPDATE** After my answer was viewed over 4,100 times without a single upvote, I revisited it to see where I might have gone wrong with it. Honestly, it seems like a reasonable answer: I explained what each of the forms asked about is for and even suggested getting further information from a licensed tax preparer. BUT, I’m thinking I missed the underlying concern of the querent with my answer. Now I’m reading that they don’t care so much about the forms as they do about the right or, more accurately, the obligation of their employer to withhold taxes at all.So let me revise my answer a bit…Your employer doesn’t charge you taxes - the government does. The government forces employers to withhold (or charge, as you put it) taxes from the earnings of their employees by threatening fines and even jail time for failing to do so (or for reclassifying them as independent contractors in order to avoid the withholding and matching requirements). Whether you fill out any forms or not, employers will withhold taxes because they don’t want to be fined or go to jail.Now the meta-question in the question is how can the government tax its citizen’s income? Well, that’s a big debate in America. Tax is the only way governments make money and they use that money to provide services for their constituency. Without funding, no federal or state or county program, or employee, would exist. But still, some people believe taxation is illegal, unjustified, and flat out wrong. They believe that free market forces should fund the military, the Coast Guard, Department of Defense, Veterans Affairs, Border Patrol, the FBI, CIA, DEA, FDA, USDA, USPS, the Federal Prison Complex, the National Park Service, the Interstate Highway System, air traffic control, and the Judiciary (just to name a few things). They even believe paying politicians for the work they do, like the President and Congress, is wrong.Others (luckily, most of us) appreciate paying taxes, even if they seem a bit steep at times. We’re happy to benefit from all the things our tax dollars buy us and we feel what we pay gives us back returns far greater than our investment. If you’re on the fence about this issue, consider how expensive health care is and how much you’re getting out of paying for it privately (out of your own paycheck). Same with your education or that of your children. Do you pay for private schools? Private colleges? Do you pay for private child care too? All expensive, right?Well what if we had to pay for private fire fighting? Or all mail had to be shipped via FedEx or UPS? Or if the cost of a plane ticket to anywhere doubled because we had to pay out-of-pocket for air traffic control? What about the military, border control and veterans? How much are you willing to pay out of every paycheck DIRECTLY to the department of defense AND veterans affairs? If we privatized the military, would we still be able to afford $30 billion dollar fighter jets? Who would pay to defend us?I bet people living paycheck to paycheck would be hard pressed to find extra money to pay for the military, when they’re already spending so much for teachers, schools, health care, local emergency response, food safety inspections, social workers, the criminal justice system, road repairs and construction, bridge inspection and maintenance, and natural disaster remediation (just to name a few things).Think about if all the national and local parks were privatized. Visiting one would cost as much or more than it does to go to Disneyland. Think about how much more food would cost if farmers weren’t subsidized and food wasn’t inspected for safety. Imagine how devastating a pandemic would be without the Center for Disease Control to monitor and mitigate illness outbreaks.We all take for granted the myriad of benefits we get from paying taxes. We may like to gripe and moan but taxes aren’t just for the public good, they’re for our own. (That rhymes!)**END OF UPDATE**W-9 forms are what you fill out to verify your identification, or citizenship status, for your employers. They have nothing to do with payroll taxes other than being the primary tool to from which to glean the correct spelling of your name and your Social Security number.W-2 forms are issued by employers to employees for whom they paid the required payroll taxes to the government on their behalf. The W-2 also details the amount of a person’s pay was sent to the government to fund their Social Security and Medicare accounts. W-2 forms are necessary for people when filing their personal income taxes so they can calculate if they under or overpaid.W-4 forms are filled out by employees to assure that the appropriate amount of pay is being withheld (and transferred on their behalf) by their employers to the government. If you don’t fill out a W-4 then your employer withholds the standard default amount for a single individual. You can update your W-4 at any time with your employer and you may want to when the size of your household changes.Even if you aren’t an employee (like you get paid without taxes being withheld for you) and are issued a 1099-MISC form instead of a W-2, you’re STILL responsible for paying your taxes as you earn that money - in no greater than quarterly installments. If you go over three months without paying taxes when you’re making money - whether your employer is withholding it and paying it on your behalf or you just made the money and no one took any taxes out for you - you’ll be fined and charged interest on your late tax payments.Talk with a licensed tax preparer and they can help you better understand what it all means. Good luck and happy tax season!
How do you fill out tax forms?I strongly recommend purchasing a tax program, Turbo tax, H&R block etc.These programs will ask you questions and they will fill out the forms for you.You just print it out and mail it in. (with a check, if you owe anything)I used to use an accountant but these programs found more deductions.
How do I fill a W-9 Tax Form out?Download a blank Form W-9To get started, download the latest Form W-9 from the IRS website at https://www.irs.gov/pub/irs-pdf/.... Check the date in the top left corner of the form as it is updated occasionally by the IRS. The current revision should read (Rev. December 2014). Click anywhere on the form and a menu appears at the top that will allow you to either print or save the document. If the browser you are using doesn’t allow you to type directly into the W-9 then save the form to your desktop and reopen using signNow Reader.General purposeThe general purpose of Form W-9 is to provide your correct taxpayer identification number (TIN) to an individual or entity (typically a company) that is required to submit an “information return” to the IRS to report an amount paid to you, or other reportable amount.U.S. personForm W-9 should only be completed by what the IRS calls a “U.S. person”. Some examples of U.S. persons include an individual who is a U.S. citizen or a U.S. resident alien. Partnerships, corporations, companies, or associations created or organized in the United States or under the laws of the United States are also U.S. persons.If you are not a U.S. person you should not use this form. You will likely need to provide Form W-8.Enter your informationLine 1 – Name: This line should match the name on your income tax return.Line 2 – Business name: This line is optional and would include your business name, trade name, DBA name, or disregarded entity name if you have any of these. You only need to complete this line if your name here is different from the name on line 1. See our related blog, What is a disregarded entity?Line 3 – Federal tax classification: Check ONE box for your U.S. federal tax classification. This should be the tax classification of the person or entity name that is entered on line 1. See our related blog, What is the difference between an individual and a sole proprietor?Limited Liability Company (LLC). If the name on line 1 is an LLC treated as a partnership for U.S. federal tax purposes, check the “Limited liability company” box and enter “P” in the space provided. If the LLC has filed Form 8832 or 2553 to be taxed as a corporation, check the “Limited liability company” box and in the space provided enter “C” for C corporation or “S” for S corporation. If it is a single-member LLC that is a disregarded entity, do not check the “Limited liability company” box; instead check the first box in line 3 “Individual/sole proprietor or single-member LLC.” See our related blog, What tax classification should an LLC select?Other (see instructions) – This line should be used for classifications that are not listed such as nonprofits, governmental entities, etc.Line 4 – Exemptions: If you are exempt from backup withholding enter your exempt payee code in the first space. If you are exempt from FATCA reporting enter your exemption from FATCA reporting code in the second space. Generally, individuals (including sole proprietors) are not exempt from backup withholding. See the “Specific Instructions” for line 4 shown with Form W-9 for more detailed information on exemptions.Line 5 – Address: Enter your address (number, street, and apartment or suite number). This is where the requester of the Form W-9 will mail your information returns.Line 6 – City, state and ZIP: Enter your city, state and ZIP code.Line 7 – Account numbers: This is an optional field to list your account number(s) with the company requesting your W-9 such as a bank, brokerage or vendor. We recommend that you do not list any account numbers as you may have to provide additional W-9 forms for accounts you do not include.Requester’s name and address: This is an optional section you can use to record the requester’s name and address you sent your W-9 to.Part I – Taxpayer Identification Number (TIN): Enter in your taxpayer identification number here. This is typically a social security number for an individual or sole proprietor and an employer identification number for a company. See our blog, What is a TIN number?Part II – Certification: Sign and date your form.For additional information visit w9manager.com.
How do I fill out an income tax form?The Indian Income-Tax department has made the process of filing of income tax returns simplified and easy to understand.However, that is applicable only in case where you don’t have incomes under different heads. Let’s say, you are earning salary from a company in India, the company deducts TDS from your salary. In such a scenario, it’s very easy to file the return.Contrary to this is the scenario, where you have income from business and you need to see what all expenses you can claim as deduction while calculating the net taxable income.You can always signNow out to a tax consultant for detailed review of your tax return.
How do you fill out a 1040EZ tax form?The instructions are available here 1040EZ (2014)
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