- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Wife started a new job this year will be 1099
Posted on 1/31/25 at 11:26 am to Fat Bastard
Posted on 1/31/25 at 11:26 am to Fat Bastard
quote:
yes. employer portion of payroll tax is a deduction for my corporation and will be for a 1099 sole prop as well like the OP
I appreciate your knowledge on Solo 401k's. What documentation is given by say Etrade that you can plug into TurboTax to support the LLC match to a Solo 401k? This is the problem I've had in the past with Etrade to house my SEP. Even though the SEP doesn't have a match, I could never find any tax documents to print showing that year's contribution for a deduction. I just had to free hand it.
This post was edited on 1/31/25 at 1:52 pm
0
Posted on 1/31/25 at 11:44 am to PistolPete45
My wife started as 1099 employee last year, and we have kept it pretty simple since we weren't sure if this would be a short-term or long-term job.
She gets paid twice a month. We set aside 25% (22.5% for Federal and 2.5% for Louisiana) of each check and place in a separate bank account, that is only used for estimated tax payments.
At each quarterly deadline, we then make the estimated tax payments to the IRS and Louisiana via online payments. We track every payment in a spreadsheet along with keeping copies of the e-mail confirmations from the IRS and Louisiana.
The only other major expenses that we track are mileage, liability insurance, and any supplies for job.
She gets paid twice a month. We set aside 25% (22.5% for Federal and 2.5% for Louisiana) of each check and place in a separate bank account, that is only used for estimated tax payments.
At each quarterly deadline, we then make the estimated tax payments to the IRS and Louisiana via online payments. We track every payment in a spreadsheet along with keeping copies of the e-mail confirmations from the IRS and Louisiana.
The only other major expenses that we track are mileage, liability insurance, and any supplies for job.
This post was edited on 1/31/25 at 11:47 am
Posted on 1/31/25 at 2:22 pm to PistolPete45
quote:
PistolPete45
Is she getting paid at least 30% more than she would in a normal W-2 roll? Because she should be to account for no benefits, taxes, etc.
Posted on 1/31/25 at 5:44 pm to Jmcc64
quote:
quote:
Get ready to pay both sides of SS and medicare as well
but get half the SS back as a deduction
Qualified Business Income deduction may help as well
Posted on 2/1/25 at 5:52 am to PistolPete45
Sounds like they may be misclassifying her as an Independent contractor. Very common and illegal these days. Will her job duties change next year?
Posted on 2/1/25 at 8:17 am to PistolPete45
I buy Us Treasuries Zeros - I have 7 pages of non sense
Going to rec it out today I don't trust
I mean it's all interested no
Going to rec it out today I don't trust
I mean it's all interested no
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News