Self Employment Tax in Havelock, North Carolina

Find the right Self Employment Tax attorney in Havelock, NC

Self Employment Tax Lawyers in Havelock

In Havelock, North Carolina, a few different taxes are imposed on employees, and subtracted from their gross pay during each pay period. The examples that most people are familiar with are the taxes imposed to fund Medicare and Social Security, which get their funding mostly from these relatively small pay deductions.

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

Normally, the employer makes all the necessary calculations and deductions from a person's paycheck. If you are self-employed, however, you are required to make this determination, and to ensure that it's accurate.

Self-Employment tax obligations in Havelock, North Carolina

If you own a sole-proprietorship, or work primarily as an independent contractor, you need to pay the "self-employment tax" if you derive any substantial 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 typically matches the employee's contributions to Medicare and Social Security. This essentially 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, the self-employed in Havelock, North Carolina 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.

The total self-employment tax (note that this is completely distinct from the income tax) is set at 15.3%, if your income from self-employment in Havelock, North Carolina exceeds . However, half of this tax is deducted from your income, for income tax purposes. Thus, 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 additional deductions for which you may be eligible. This means that, essentially, the self-employment tax rate is only 14%, as opposed to 15.3%

Can a Havelock, North Carolina Tax Attorney Help?

If you are self-employed in Havelock, 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.

If you have any difficulty calculating your self-employment tax liability, an efficient Havelock, North Carolina tax attorney would probably have very little trouble helping you figure it out. A knowledgeable lawyer can also give you practical legal advice, which can help you avoid more serious tax law issues in the future, by dealing with them before they become problematic.

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Life in Havelock

Havelock, population 22,000, is located in Craven County in the state of North Carolina. It is one of the state's more quickly growing cities, as it is the second largest in the county. It was originally founded as a railroad station.

Havelock is best known for its connection with the United States military. The city is home to the largest Marine Corps air base on the East Coast, known locally as "Cherry Point". Also, the city is named after Sir Henry Havelock, who was a British military officer operating in India during the 1850's.

Today the town is supported by a bustling economy and is an ideal place for both residents and visitors. The city is served by a fine education system and has many facilities for leisure and recreation purposes. Visitors to the city can inquire at the Havelock Tourist Event Center to receive an in-depth guide to activities in the Havelock.

If you have a legal issue, an attorney in Havelock, North Carolina can be of great assistance. Havelock lawyers handle variety of legal claims and are available for representation and advice.

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