Self Employment Tax Lawyers in Central Islip
In Central Islip, New York, a few different taxes are enforced on employees, and subtracted from their gross pay during each pay period. The examples that most people are acquainted with are the taxes imposed to fund Medicare and Social Security, which get their funding mostly from these relatively small pay deductions.
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 Central Islip, New York
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 are a self-employed business owner in Central Islip, New York, you are responsible for both the employee and employer contributions to Medicare and Social Security. This essentially doubles your self-employment tax rate.
In Central Islip, New York, self-employed business owners pay a self-employment tax rate of 15.3%. This is, of course, separate from, and additional to, whatever they pay in income tax. In an effort to partially offset this further tax burden, half of what one pays in self-employment taxes can be deducted from their income when filing their income taxes. This means that the self employed pay income taxes on, at most, 92% of their income. And it's probably less, thanks to all the other deductions they might qualify for. This deduction lowers the effective self-employment tax rate to 14%, rather than the "official" rate of over 15%.
Can a Central Islip, New York Tax Attorney Help?
If you are self-employed in Central Islip, 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.
So, if you have some trouble figuring out what you owe in self-employment taxes, for whatever reason, chances are good that a qualified tax attorney in Central Islip, New York can help you with much trouble, and can provide you with good legal and financial advice, which can help you head off much more serious legal and financial issues.
There is none better than Joel. He is intelligent and sensitive when it comes to highly personal matters. Let him fight your battle!
He is the kind of lawyer who would sit down and explain things on how things works in legal matter but he is still fighting for me hard and he is very patient and very understanding with me being deaf and we have not got the results yet but he is trying very hard during week and weekends on getting results real fast and he don't take no bull from other companies and I would advice people to use him as your lawyer
Joel is very professional and I would recommend him for anyone.
This lawyer shows real commentment to his cases
This guy is awesome. The best of the best.
Mr. C. has been responsive, he's explained everything clearly and has asked questions that I had not thought of. He's not like the typical laywer profile - he's courteous and very patient with me. I would easily recommend him. I'm going to assume his service is a good value for my money although we're not at that stage yet.
Mr.C. is a excellent lawyer he always kept us well informed on the case, I am very satisfied with the work that he has done and I am sure that anyother person who were to hire him will be too. Also he took the time and patience to talk to me personally after all the work he had. I would strongly recommend him. Very very good.
I had a great experience with this lawyer. I highly recommend him to anyone. Emails and phone calls were returned promptly. My questions were answered with a clear understanding. If he did not know the answer he would research it and get back to me quickly. I believe he worked very hard to gather the information we needed for the case. If i ever need another lawyer in the future, i will definitely hire him again.
Joel kept in constant contact with me. I really liked that about him. Most lawyers dont even talk to you, they have their secretary take a message. Joel did not once do that. Joel believed in me and my case. I would recommend him to anyone and use him again if I ever have to do this again. He cares about the situation and had my best interest at heart.
Joel had excellent response time, he spent time with me on the telephone discussing possibility's of my case. I highly recommend Joel, he was very easy to talk to and spoke to me in layman's terms so I could understand what was going on, he sent me numerous e-mails in regards to my case. He was willing to go the extra mile for me and that was something very special.
He was great and very easy to work with. I would definately use and/or refer him again.
I was very pleased with the Mr. C.'s response. As much as I deeply appreciated the time he took in looking over the information, I decided it was best not to pursue the issue. He was very kind and I will most defintely keep his name should I ever need assistance in the future.