Self Employment Tax in Roseville, California

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In Roseville, California, there are specific taxes that are levied on employees, which are deducted from their paychecks. The typically 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 precisely how much you owe, to confirm that you don't pay more or less than you are obliged to.

Typically, 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 oversee 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 Roseville, California

If you are an independent contractor, or run a sole proprietorship (a company which you own, and which is not incorporated as a separate legal entity), you must pay the so-called "self-employment tax" if your income from self-employment is higher than $400 per year.

Workers who are employed by someone else enjoy at least one perk that the self-employed do not: their employer matches their Social Security and Medicare contributions, essentially doubling the amount of money that's contributed to these funds on the employee's behalf.

But, the self-employed in Roseville, California are responsible for making the employer AND employee contributions to those programs, essentially doubling what they would have to pay if they were employed by someone else.

The self-employment tax rate is 15.3% of all self-employment income, assuming your income from self-employment exceeds $400 per year in Roseville, California. But half of your self-employment tax liability can be deducted from your income tax. This results in a slightly reduced income tax bill, which partially offsets this additional tax burden. It essentially means that the self-employment tax only applies to 92% of your income, as opposed to all of it. This means that your effective self-employment tax rate is about 14%, as opposed to over 15%.

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Can a Roseville, California Tax Attorney Help?

If you are self-employed in Roseville, it's extremely important for you to be diligent in keeping records of your income and expenses, to ensure that you pay all the self-employment taxes that you owe (and also to make sure you don't over-pay). You may one day need a tax attorney to advise you with a legal issue, and they can help you far more efficiently if you are able to quickly present them with all the relevant information.

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

19 Tax Law cases posted to LegalMatch lawyers in Roseville

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Life in Roseville

Roseville, California is located in Placer County in the Sacramento region.  With the 11th highest retail sales for the state of California, the city is a major shopping destination.  Roseville has been named one of the "Best Places to Live" by CNN Money.  It has a growing population of over 118,000 and has ranked on the top 100 list for "America's best small cities". 

Retail shopping plays an important role in the economy of Roseville, California.  The city is home to a number of major retail centers and one of the largest auto malls in the U.S.  Particularly, the Westfield Galleria at Roseville is the central shopping center for the city.  The Galleria is a high-end shopping mall with popular retail chains and restaurants.  Many other shopping centers are located throughout the city.

In addition to shopping, Roseville is an ideal location for housing, employment, and recreation.  The Roseville Theater Arts Academy and the Blue Line Gallery are some favorite spots for entertainment and art-centered events.  The city also hosts a number of community events and sports activities for residents.  Roseville's Golfland SunSplash is a popular water park that draws many people during the warmer seasons.

Lawyers in Roseville, California practice law in a number of fields and handle many kinds of legal matters.  Roseville is close to Sacramento, the state capital of California.  Many Roseville lawyers assist their clients at the capital or at the Superior Court Santucci Justice Center Courthouse, located in Roseville.

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