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´╗┐Calculating Self Employment Tax - Your First Time


Be your own BOSS. Sounds great. When you set out upon the road of self employment, you will discover that the tax burden you have taken up is a rather challenging. It does not have to be like that. The first time you find yourself calculating self employment tax to make quarterly payments will take quite some time. However, after the first year of making such payments, it becomes much easier to handle every time.

Normally, the self employed pay twice in Social Security and Medicare tax as the more conventionally employed do, since there is no employer to match your contribution. This is partially offset by being able to deduct half of that amount from your income tax, but those savings do not come until the end of the year.

As such, when calculating self employment tax, you certainly want to do everything as legally as possible, but you also want to make sure you do not send any money into that interest free savings account known as the US Treasury that you do not have to. That is, of course, where deductions come in.

You are legally entitled to use all your legitimate business expenses when calculating self employment tax. This means that you could write off things as wide ranging and comprehensive. It might involve anything from mileage to business furniture or even subscription services such as web connectivity. Just be sure to save your receipts.

The IRS requires those in business for themselves to take time quarterly, calculating self employment tax and making sure they are current with what they owe, rather than waiting util the end of the year. As one of the nearly 10% of individuals in the US who are self employed, you are treated by the IRS as something of a hybrid between an employer and employee, which in most respects, you are.

Many individuals prefer this scheme, as there is not a huge burden to pay the next April that you are not prepared for. However, now that you are in business for yourself, you may take the time to make sure you are sending in as little extra money each year as possible. Tax refunds are not a good savings scheme. That is part of the reason calculating self employment tax as accurately as possible when you first start up your self employment enterprise.

Consider also that the IRS bases part of the likelihood whether you may be audited upon the percentage of the current year tax against the previous. You should make it a point to put in at least 100% of what you owed every quarter the year before if you make less than $150000 and want to stay off that particular radar. Very careful reinvestment in the business early on is just as important as diligently and accurately calculating self employment tax.
Christine Gray is a recognized authority on the subject of employment. Her website Employment Search provides a wealth of informative articles and resources on everything you will need to know about employment opportunities. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.

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