Self Employment Tax in Cheyenne, Wyoming

Find the right Self Employment Tax attorney in Cheyenne, WY

Self Employment Tax Lawyers in Cheyenne

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

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

Usually, 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 handle 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 Cheyenne, Wyoming

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 significant amount of income from self-employment. You must pay these taxes if your income from self-employment is more than annually.

For people who are employed by another person or company, the employer usually matches the employee's contributions to Medicare and Social Security. This effectively means that, when you look at your Medicare and Social Security tax statements on your paychecks, you can know that those programs are actually getting double what's shown there - with your employer covering the other half.

But, if you are self-employed in Cheyenne, Wyoming, you are liable to pay both the employee and employer share of the employment tax. Effectively, this means that the employment tax for self-employed individuals is double what it would be for regular employees.

The total self-employment tax (note that this is totally distinct from the income tax) is set at 15.3%, if your income from self-employment in Cheyenne, Wyoming exceeds . But, half of this tax is deducted from your income, for income tax purposes. So, 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 further deductions for which you may be eligible. This means that, effectively, the self-employment tax rate is only 14%, as opposed to 15.3%

Can a Cheyenne, Wyoming Tax Attorney Help?

If you work for yourself in Cheyenne, you have to stay on top of your self-employment taxes, to avoid facing serious legal and financial issues later on. This means you need to keep excellent 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.

If you have any difficulty calculating your self-employment tax liability, an experienced Cheyenne, Wyoming tax attorney would likely have very little trouble assisting you figure it out. A reputable lawyer can also give you practical legal advice, which can help you avoid more egregious tax law issues in the future, by dealing with them before they become problematic.

Talk to a Tax Law Attorney now!

Life in Cheyenne

Cheyenne is the capital of Wyoming. It is located in Laramie County and is home to around 60,000 people. Neighboring areas include Crow Creek and Dry Creek.

Top employers include Great Lakes Airlines, Taco John's Headquarters, Wyoming Financial Center, Lowe's, Wal-Mart, Sierra Trading Post, Vestas, and Laramie County Community College.

Cheyenne is home to attorneys who actively practice and tend to the legal needs of residents. For complex legal cases, these attorneys refer their clients, both residents and corporations, to law firms in neighboring areas. All in all, the legal needs of residents and local businesses are catered to.

Some popular attractions in the city include Wyoming State Museum, Cheyenne Little Theatre Players, Cheyenne Frontier Days Old West Museum and the Wyoming Transportation Museum.

Popular faces associated with Cheyenne in one way or another include Curt Gowdy, Richard V. Thomas, Dan Zwonitzer, Sammy Davis Jr., Chris Ledoux, and Neil Diamond.

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