Self Employment Tax in Lagrange, Georgia

Find the right Self Employment Tax attorney in Lagrange, GA

Self Employment Tax Lawyers in Lagrange

In Lagrange, Georgia, there are specific taxes that are enforced on employees, which are deducted from their paychecks. The typically 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 imperativel 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 precisely 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 typically very simple, and any decent payroll software can automate this process. But the self-employed are liable for figuring this out for themselves, or hiring an accountant to do it.

Self-Employment tax obligations in Lagrange, Georgia

If you are an independent contractor, or run a sole proprietorship (a company which you own, and which is not incorporated as a separate legal entity), you must pay the so-called "self-employment tax" if your income from self-employment is higher than per year.

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

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

Self-employed workers in Lagrange, Georgia 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 essentially 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 Lagrange, Georgia Tax Attorney Help?

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

Thus, if you have some trouble figuring out what you owe in self-employment taxes, for whatever reason, chances are good that a knowledgeable tax attorney in Lagrange, Georgia can advise you with much trouble, and can provide you with good legal and financial advice, which can help you head off much more significant legal and financial issues.

Talk to a Tax Law Attorney now!

Life in Lagrange

LaGrange, Georgia is a town located in Troup County, Georgia.

It currently has a population of about 25,000 people. Settlement of the area now known as LaGrange began in the early 1800s, and got its name from Colonel Oscar LaGrange, an Union officer during the American Civil War, who defied the "scorched earth" strategy of some Union commanders, and spared the homes of many residents of the area.

After the war, LaGrange became an important transportation hub, with several rail lines converging in the town. It also became a major center for the textile industry, like many Southern cities in the 19th and 20th centuries. However, by the mid-20th Century, this industry had begun to decline significantly.

Currently, thanks to the convergence of several national highways in LaGrange, the city remains a transportation hub, with many large companies, such as Wal-Mart, having set up distribution centers in the area.

If you live in LaGrange, Georgia or the surrounding areas, you can probably find a good LaGrange, Georgia attorney who can handle your case. LaGrange, Georgia attorneys are ready to help.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Joel C.
Joel C.

Tax Law

Davidson, TN

Edwin L.
Edwin L.

Tax Law

Fayette, TN

Tax Defense N.
Tax Defense N.

Tax Law

Ohio, TN