Self Employment Tax in Del Mar, California

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In Del Mar, California, there are particular taxes that are levied on employees, which are deducted from their paychecks. The generally well-known employment taxes are the Medicare and Social Security tax, for which a small percentage of every employee's paycheck is deducted.

It's extremely important to know that, if you are self-employed, you still have to pay those taxes, and it's also up to you to figure out clearly how much you owe, to confirm that you don't pay more or less than you are obligated to.

Normally, it's the employer who does all the calculations, deciding what deductions need to be made from a worker's paycheck to cover his or her tax liability. But if you are your own boss, you have to do this, and confirm that your figures are accurate.

Self-Employment tax obligations in Del Mar, California

If you mainly work as an independent contractor, or are the owner of a sole proprietorship, you have to pay what's regularly referred to as the "self-employment tax," if your annual income from self-employment is over $400.

For normal employees, Social Security and Medicare payments are made in equal parts by the employee and employer. This basically means that every employee's contribution to his or her future Medicare and Social Security benefits is matched by the employer.

But, if you're self employed in Del Mar, California, or anywhere else, you are obligated to make the employee AND employer contributions to Social Security and Medicare, basically doubling your employment tax liability.

Self-employed workers in Del Mar, California pay a self-employment tax rate of 15.3% of their income that's derived from self-employment. But, half of whatever they end up paying in self-employment tax is deductible from income tax. This basically creates a tax deduction of nearly 8% of one's income, requiring you to only pay taxes on 92% of what you earn. Further tax deductions may lower that number further. When this deduction is taken into account, the self-employment tax rate is effectively 14%, as opposed to over 15%.

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Can a Del Mar, California Tax Attorney Help?

If you work for yourself in Del Mar, you have to stay on top of your self-employment taxes, to avoid facing severe legal and financial issues later on. This means you need to keep superb records of all your income and expenses, in case you need to seek the advice of a tax attorney: the more information you can provide your lawyer, the better he or she can help you.

Anyone having difficulty with figuring out what they owe in self-employment taxes in Del Mar, California should seek the help of a seasoned tax attorney. Most tax attorneys also have a good understanding of accounting, so making this determination probably won't be too hard for them. And on top of that, a qualified tax attorney can give you objective and useful legal advice, which can help prevent more egregious issues from forming in the future.

2 Tax Law cases posted to LegalMatch lawyers in Del Mar

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Life in Del Mar

Del Mar is located in San Diego County, California. With a smaller population of about 4,500, Del Mar is an upscale city known for its beautiful beaches and legendary surfing.  The name "Del Mar" means "by the sea" or "of the sea", as it is located directly on the Pacific Coast.  The city was mentioned in the Beach Boys hit song, "Surfin' USA". 

Del Mar is home to several beaches which are known as excellent surfing spots.  In particular, 15th Street Beach in Del Mar was listed as #4 on Time Magazine's list of "100 Greatest Beaches in the World".  Other beach sites include Torrey Pines State Beach and North Beach, affectionately known as "Dog Beach" by the many dog owners who frequent the area.

Del Mar, California is also famous for being the home to the annual San Diego County Fair.  The fair is one of the most popular summer fairs in all of California and is held at the Del Mar Fairgrounds.  The Fairgrounds also houses the Del Mar Racetrack.  In addition to the world-class beaches at Del Mar, the area is an excellent site for employment, with top hirers such as Kitchen 1540 and Pacifica Del Mar.

Lawyers in Del Mar, California handle a variety of different legal claims and disputes.  Legal inquiries can be directed to an experienced Del Mar lawyer.  Del Mar lawyers typically represent clients at the nearby Superior Court of California, County of San Diego.

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