Effective tax rate on someone who is self employed... | TigerDroppings.com

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Robin Masters
Alabama Fan
Birmingham
Member since Jul 2010
4074 posts

Effective tax rate on someone who is self employed...



Making around $110k?

Thanks







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BFIV
Virginia
Member since Apr 2012
1412 posts

re: Effective tax rate on someone who is self employed...


Is that 110K before or after expenses?






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PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1399 posts
 Online 

re: Effective tax rate on someone who is self employed...


• 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.







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Robin Masters
Alabama Fan
Birmingham
Member since Jul 2010
4074 posts

re: Effective tax rate on someone who is self employed...


After.





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bunky
LSU Fan
FREE EL GUACHO
Member since Jul 2011
4471 posts

re: Effective tax rate on someone who is self employed...


PYA





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RetiredG8tr
Florida Fan
Pensacola Fl 32503
Member since Nov 2012
44 posts

re: 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????






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Robin Masters
Alabama Fan
Birmingham
Member since Jul 2010
4074 posts

re: Effective tax rate on someone who is self employed...


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






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LSUGUMBO
New Orleans Saints Fan
Shreveport, LA
Member since Sep 2005
5165 posts

re: Effective tax rate on someone who is self employed...


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.





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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
72676 posts

re: Effective tax rate on someone who is self employed...


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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