Self Employment Tax in Gulfport, Mississippi

Find the right Self Employment Tax attorney in Gulfport, MS

Self Employment Tax Lawyers in Gulfport

In Gulfport, Mississippi, a few different taxes are levied on employees, and subtracted from their gross pay during each pay period. The examples that most people are acquainted with are the taxes imposed to fund Medicare and Social Security, which get their funding mostly from these relatively small pay deductions.

Individuals who are self-employed are still accountable for these taxes, and are responsible for figuring out how much they owe.

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 Gulfport, Mississippi

If you own a sole-proprietorship, or work mainly as an independent contractor, you need to pay the "self-employment tax" if you derive any considerable amount of income from self-employment. You must pay these taxes if your income from self-employment is more than annually.

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

Self-employed workers in Gulfport, Mississippi 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%.

Can a Gulfport, Mississippi Tax Attorney Help?

If you work for yourself in Gulfport, 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 Gulfport, Mississippi 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.

Talk to a Tax Law Attorney now!

Life in Gulfport

Gulfport is located in the state of Mississippi. With a population of over 71,000, it is the co-county seat of Harrison County, alongside the city of Biloxi. The city was incorporated in 1898 and had its beginnings as a port and lumber city. It contains over 6 miles of man made white-sand beaches by the Gulf of Mexico.

Gulfport is a residential city that also boasts a strong economic center of industry. The Gulfport Main Street Association oversees the development of the downtown area. The city is home to several companies as well as the U.S. Navy Seabees. Notable residents have included NFL quarterback Brett Favre and linebacker Rod Davis.

The city's Leisure Services offer a variety of community-centered activities at its many parks and recreation centers. Other popular places to visit are the Gulf Islands Water Park and the Gulfport Sportsplex, which attracts many sports tourists. Every year the city hosts what is known as the "World's Largest Fishing Rodeo".

Gulfport has survived a great deal of damage from hurricanes, including Hurricane Camille in 1969 and more recently Hurricane Katrina. The state of Mississippi has issued a Hurricane Katrina Disaster Training Manual for those who have been affected, including Gulfport lawyers. Lawyers in Gulfport, Mississippi have contributed greatly to the rebuilding of the city.

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