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Effective tax rate on someone who is self employed...
Posted on 11/28/12 at 11:41 am
Posted on 11/28/12 at 11:41 am
Making around $110k?
Thanks
Thanks
Posted on 11/28/12 at 12:31 pm to Robin Masters
Is that 110K before or after expenses?
Posted on 11/28/12 at 12:35 pm to Robin Masters
• 10% on taxable income from $0 to $8,700, plus
• 15% on taxable income over $8,700 to $35,350, plus
• 25% on taxable income over $35,350 to $85,650, plus
• 28% on taxable income over $85,650 to $178,650, plus
• 33% on taxable income over $178,650 to $388,350, plus
• 35% on taxable income over $388,350.
For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limitation on taxable earnings for Medicare's Hospital Insurance (HI) taxes.
• Employee/Employer
• The Social Security tax rate for employees is 4.2 percent through the end of the year
• The Social Security tax rate for employers is 6.2 percent
• The Medicare tax rate is 1.45 percent for employees and employers
• Self-Employment
• The Social Security tax rate for self-employed is 10.4 percent through the end of the year. The Medicare tax rate is 2.9 percent for self-employed.
• 15% on taxable income over $8,700 to $35,350, plus
• 25% on taxable income over $35,350 to $85,650, plus
• 28% on taxable income over $85,650 to $178,650, plus
• 33% on taxable income over $178,650 to $388,350, plus
• 35% on taxable income over $388,350.
For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limitation on taxable earnings for Medicare's Hospital Insurance (HI) taxes.
• Employee/Employer
• The Social Security tax rate for employees is 4.2 percent through the end of the year
• The Social Security tax rate for employers is 6.2 percent
• The Medicare tax rate is 1.45 percent for employees and employers
• Self-Employment
• The Social Security tax rate for self-employed is 10.4 percent through the end of the year. The Medicare tax rate is 2.9 percent for self-employed.
Posted on 11/28/12 at 6:11 pm to bunky
Offer a cash discount, doctors and dentists do, who cares if they report the income?
Why do they work late in private practices? It beats the hell out of medicaid/medicare money..with all of the forms and waiting to get paid. Go figure...
The untaxed Black Market, go figure...A national Sales Tax will capture some of the money. Why isn't it talked about????
Why do they work late in private practices? It beats the hell out of medicaid/medicare money..with all of the forms and waiting to get paid. Go figure...
The untaxed Black Market, go figure...A national Sales Tax will capture some of the money. Why isn't it talked about????
Posted on 11/28/12 at 10:01 pm to RetiredG8tr
quote:
Effective tax rate on someone who is self employed... Offer a cash discount, doctors and dentists do, who cares if they report the income? Why do they work late in private practices? It beats the hell out of medicaid/medicare money..with all of the forms and waiting to get paid. Go figure... The untaxed Black Market, go figure...A national Sales Tax will capture some of the money. Why isn't it talked about????
Not a bad idea. Thanks
Posted on 11/30/12 at 6:43 am to Robin Masters
I think ours was around the 30% mark, and my wife and I are both self employed making a little more than that after expenses.
Posted on 11/30/12 at 7:36 am to Robin Masters
quote:
Offer a cash discount, doctors and dentists do, who cares if they report the income?
quote:
Not a bad idea. Thanks
great way to end up in prison
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