Self Employment Tax in Augusta, Georgia

Find the right Self Employment Tax attorney in Augusta, GA

Self Employment Tax Lawyers in Augusta

In Augusta, Georgia, there are certain taxes that are imposed on employees, which are deducted from their paychecks. The mostly 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 essentiall 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 exactly how much you owe.

In most cases, employers make all the necessary calculations to determine how much needs to be deducted from an employee's check to pay these taxes. It's usually very simple, and any decent payroll software can automate this process. But the self-employed are responsible for figuring this out for themselves, or hiring an accountant to do it.

Self-Employment tax obligations in Augusta, Georgia

If you work as an independent contractor, or operate a sole proprietorship, you are deemed to be "self employed." You are obligated to pay the self-employment tax if your total income from self-employment exceeds per year.

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.

However, if you're self employed in Augusta, Georgia, or anywhere else, you are required to make the employee AND employer contributions to Social Security and Medicare, effectively doubling your employment tax liability.

Self-employed workers in Augusta, Georgia pay a self-employment tax rate of 15.3% of their income that's derived from self-employment. However, half of whatever they end up paying in self-employment tax is deductible from income tax. This effectively creates a tax deduction of nearly 8% of one's income, requiring you to only pay taxes on 92% of what you earn. Additional 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 Augusta, Georgia Tax Attorney Help?

If you are self-employed in Augusta, it's essential that you keep good records of your income and expenses, because a tax attorney will only be able to help you to the extent that you help yourself.

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

Talk to a Tax Law Attorney now!

Life in Augusta

Augusta, Georgia is a city consolidated with Richmond County, Georgia. This means that the government of the city and the county are one and the same. As of 2008, the Augusta-Richmond entity has a population of 195,000 people.

Augusta was founded in the colonial era, and was the second established town in what was, at the time, a British colony named Georgia.

Augusta, Georgia has recently seen an economic boom, thanks to a large concentration of businesses in the medical and biotech industries setting up shop there. It is home to the Medical College of Georgia, the state's only public medical school, and also offers a program in dentistry, graduate degrees in nursing, and others. This college attracts students from all over the country, increasing the local consumer base, and provides over 7,000 jobs.

Augusta is also home to Fort Gordon, an U.S. Army base that houses significant elements of the Army Signal Corps, and has about 30,000 occupants.

Needless to say, Augusta, Georgia lawyers need to be well-versed in several areas of law to stay competitive. The sheer diversity of industry and demographics in the area mean that there is almost certainly an Augusta, Georgia lawyer who is right for you.

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