Self Employment Tax in Gainesville, Florida

Find the right Self Employment Tax attorney in Gainesville, FL

Self Employment Tax Lawyers in Gainesville

In Gainesville, Florida, there are particular taxes that are enforced 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 necessaryl to be aware of one fact: if you're self-employed, you still have to pay these taxes. And it's your responsibility (or the responsibility of someone you hire for this purpose) to figure out clearly how much you owe.

Normally, it's the employer who does all the calculations, deciding what deductions need to be made from a worker's paycheck to cover his or her tax liability. But if you are your own boss, you have to do this, and confirm that your figures are accurate.

Self-Employment tax obligations in Gainesville, Florida

If you derive even a small percentage of your income from running your own business, or working as an independent contractor, you have to pay the "self-employment tax." This tax applies to everybody who makes more than per year from self-employment.

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, basically doubling the amount of money that's contributed to these funds on the employee's behalf.

However, self-employed workers in Gainesville, Florida 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.

Currently, the self-employment tax rate in the United States is 15.30% of all income earned from self-employment in Gainesville, Florida. Nonetheless, half of your hypothetical self-employment tax liability can be deducted from your income. This means that you only pay self-employment tax on about 92% of your income, which creates an effective self-employment tax rate of just over 14%.

Can a Gainesville, Florida Tax Attorney Help?

If you're self-employed in Gainesville, you need to keep complete records of all your income and expenses from the operation of your business. This will make it much easier for you to calculate your taxes when they come due, and it will make it simpler for a tax attorney to give you good, useful advice, should you eventually need it.

With all that said, if you are having difficulty deciding just how much money you owe in Medicare and Social Security taxes from self-employment in Gainesville, Florida, and keep good financial records, it should be relatively easy for a decent tax attorney to help you. And, if you end up facing a more severe legal issue over your self-employment tax liability, a tax attorney may prove to be invaluable.

Talk to a Tax Law Attorney now!

Life in Gainesville

Gainesville, Florida is the largest city in, and the county seat of, Alachua County, Florida. Its population is approximately 125,000 people.

Human habitation of the area that now includes Gainesville, Florida dates back at least 12,000 years. One of the ancient structures left behind by these people is colloquially known as the "Law School Mound." It is a burial mound that sits on the University of Florida Law School's campus, and it is estimated to be over 1,000 years old.

Many Gainesville, Florida attorneys studied law at this university. These lawyers are drawn to Gainesville because of its low cost of living, and business-friendly culture. Gainesville is also known for its promotion of solar energy, which allows private property owners with solar panels on their land to supply excess electricity back into the local power grid, helping people recoup the cost of investing in solar panels, making this environmentally-friendly practice more attractive.

If you live in Gainesville, Florida and are in need of legal advice, chances are good that a local Gainesville, Florida attorney can help.

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