Self Employment Tax in Oakland, California

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In Oakland, California, there are particular taxes that are placed 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 ensure that you don't pay more or less than you are obligated to.

Normally, it's the employer who makes all these calculations, and the employee doesn't have to think about it. Most larger employers have payroll departments to take these matters, making it pretty simple for them. But, if you are self-employed, it's up to you to accurately determine what you have to pay in self-employment taxes

Self-Employment tax obligations in Oakland, California

If you work as an independent contractor, or operate a sole proprietorship, you are deemed to be "self employed." You are required to pay the self-employment tax if your total income from self-employment exceeds $400 per year.

Employees in a regular employer/employee relationship do enjoy one considerable perk that the self-employed do not: their Social Security and Medicare contributions are matched by their employers. So, if you pay $100 in Social Security and Medicare taxes with every paycheck, your employer has to match that. This basically doubles your contribution to these programs, without doubling their financial burden on you.

But, self-employed workers in Oakland, California must make both the employee and employer contributions. Therefore, this means that the Medicare and Social Security tax liabilities apply doubly to the self-employed.

The total self-employment tax (note that this is completely distinct from the income tax) is set at 15.3%, if your income from self-employment in Oakland, California exceeds $400. However, half of this tax is deducted from your income, for income tax purposes. Therefore, this means that, at most, the self-employed only have to pay income on 92% of their total income, and that amount may be lowered with additional deductions for which you may be eligible. This means that, basically, the self-employment tax rate is only 14%, as opposed to 15.3%

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Can a Oakland, California Tax Attorney Help?

If you are self-employed in Oakland, it's necessary that you keep good records of your income and expenses, because a tax attorney will only be able to assist you to the extent that you help yourself.

If you have any difficulty calculating your self-employment tax liability, an accomplished Oakland, California tax attorney would probably have very little trouble helping you figure it out. A brilliant lawyer can also give you practical legal advice, which can help you avoid more severe tax law issues in the future, by dealing with them before they become problematic.

51 Tax Law cases posted to LegalMatch lawyers in Oakland

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Life in Oakland

Oakland is a San Francisco Bay Area city and major West Coast port. During the 1940s the Port of Oakland provided a bustling war industry that attracted many residents from the Deep South who were looking for work. Oakland home to seven major companies who are also major local employers: Kaiser Permanente, Clorox, Dreyer's, Cost Plus, Ask.com, and Pandora Radio to name a few. Oakland is also home to the Oakland International Airport, a major United States Postal Service center, FedEx, the Internal Revenue Service (IRS), and Southwest Airline who each employ over 4,000 employees. Some San Francisco and Silicon Valley professionals opt to live in Oakland because the cost of living is much lower and BART (Bay Area Rapid Transit) options make it cheap to commute. Drivers use the Bay Bridge for nearest access to the peninsula.

Oakland is one of the most Diverse Alameda County cities with annual parades and celebrations. Some of that diversity can be attributed to the major universities and colleges in Oakland. California College of the Arts, Mills college, Holy Names University, Patten University, and University of California Berkeley all have installations in Oakland. Historic attractions like Jack London Square, Oakland Zoo, Peralta Hacienda Historical Park, the USS Potomac (President Roosevelt's Yacht), and the famous Fox Theater draw visitors from near and far.

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