Self Employment Tax in Charleston, West Virginia

Find the right Self Employment Tax attorney in Charleston, WV

Self Employment Tax Lawyers in Charleston

In the U.S., Charleston, West Virginia included, almost everyone who is employed during most of their adult life is qualified for Social Security and Medicare benefits when they retire. These programs are supported by taxes deducted from the paychecks of most employees.

It's crucial to note that if you are self-employed, you're still accountable for those taxes, and it's your responsibility to figure out what you owe.

Most commonly, employers handle all of these calculations. With regular salaried and hourly employees, this is an easy process, and any decent payroll computer software can do it automatically. However, if you work for yourself, it is your responsibility to figure out clearly what you owe.

Self-Employment tax obligations in Charleston, West Virginia

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

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, self-employed workers in Charleston, West Virginia 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.

In Charleston, West Virginia, self-employed business owners pay a self-employment tax rate of 15.3%. This is, of course, separate from, and additional to, whatever they pay in income tax. In an effort to partially offset this additional tax burden, half of what one pays in self-employment taxes can be deducted from their income when filing their income taxes. This means that the self employed pay income taxes on, at most, 92% of their income. And it's probably less, thanks to all the other deductions they might qualify for. This deduction lowers the effective self-employment tax rate to 14%, rather than the "official" rate of over 15%.

Can a Charleston, West Virginia Tax Attorney Help?

If you are self-employed in Charleston, 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 assist you with a legal issue, and they can help you far more effectively if you are able to quickly provide them with all the relevant information.

That said, if you are having trouble figuring out clearly how much self-employment tax you owe in Charleston, West Virginia, a competent tax attorney shouldn't have any trouble helping you on that front. Likewise, if you end up in a dispute with the government over your self-employment tax obligation, a good tax attorney can give you the best possible chance of getting a favorable result.

Talk to a Tax Law Attorney now!

Life in Charleston

Charleston is the capital of West Virginia. Per the 2010 census, it has a population of 51,400 people. Surrounding areas include the rest of Kanawha County, Elk River, and Kanawha River.

Top employers include Appalachian Power, Mountaineer Gas Company, Charleston Stamping and Manufacturing, MATRIC, NiSource Gas Transmission Storage, Walker Machinery, West Virginia-American Water Company, and Frontier Communication. To support such large corporations, the legal force in Charleston is well-equipped with many attorneys who are familiar with business law. Further, the legal force is also capable of handling the needs of local residents.

Famous past residents include Jean Carson, Conchata Ferrell, Allison Hayes, Ann Magnuson, Randy Moss, Leslie Nielsen, Jerry West, Jason Williams, and Booker T. Washington.

When next in Charleston, be sure to check out popular attractions such as the Avampato Discovery Museum, Sunrise Museum, the Capitol Theater, South Charleston Museum, Appalachian Power Park, Danner Meadow Park, Coonskin Park, Ruffner Park and Shawnee Park.

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