2011 Taxes - Self Employed
02-07-2011, 04:51 PM
#1
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Taxes - Self Employed
Just curious if there are self-employed folks here and if you've done your taxes yet. Just input my numbers into our joint filing on our TurboTax and had a big swing. I'm wondering if its correct.
http://www.irs.gov/businesses/small/...=98846,00.html
Well, I know yall can't see my paperwork - I'm just needing to vent. It don't seem right and its been bothering me. I guess the upside is we haven't submitted it yet.
Edit: screwed up the title. sorry yall
http://www.irs.gov/businesses/small/...=98846,00.html
The self-employment tax rate for self-employment income earned in calendar year 2011 is 13.3% (10.4% for Social Security and 2.9% for Medicare). For self-employment income earned in 2010, the self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Well, I know yall can't see my paperwork - I'm just needing to vent. It don't seem right and its been bothering me. I guess the upside is we haven't submitted it yet.
Edit: screwed up the title. sorry yall
02-08-2011, 09:52 AM
#3
There is no G. There is no G. Repeat after me, THERE IS NO G!
Thread Starter
Well, DH input his info and we had a refund coming. I put in my info and not only was that refund erased, but I now owed that much
After doing the math, it is correct. Just chaps my buns.
02-08-2011, 11:18 AM
#5
There is no G. There is no G. Repeat after me, THERE IS NO G!
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Yeah wise advise. We're debating that. The cost of one is small compared to the money owed or due. We've always had a simple time before but the last two years got complicated with the house and business. <sigh> Such is life
02-08-2011, 11:22 AM
#6
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Get a young one fresh out of college. They are up to date on all the newest info tax benefits. A good CPA will pay for themselves
02-08-2011, 01:22 PM
#7
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02-08-2011, 07:32 PM
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02-08-2011, 07:33 PM
#9
There is no G. There is no G. Repeat after me, THERE IS NO G!
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02-10-2011, 03:15 PM
#10
I'm not self-employed but I do have a lot of deductions for my job. So does my wife (she's a teacher). Between her and I, kids, daycare, college tuitions, taxes, donations, etc...I just paid my CPA $400 for this years tax return. I dont mind it a bit. I'm sure when I start owing money that may change. But at least I know its right.
02-10-2011, 07:22 PM
#12
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02-10-2011, 07:38 PM
#13
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02-10-2011, 08:09 PM
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