Self Employment Tax in Tulsa, Oklahoma

Find the right Self Employment Tax attorney in Tulsa, OK

Self Employment Tax Lawyers in Tulsa

In the U.S., including in Tulsa, Oklahoma, taxes are enforced on employees, which are typically deducted from their paychecks. The ones that most people are acquainted with are the Medicare and Social Security taxes. The idea is that workers pay into these programs during their entire working lives, and then enjoy the benefits they provide once they retire.

Individuals who are self-employed are still responsible for these taxes, and are responsible for figuring out how much they owe.

Most frequently, employers handle all of these calculations. With regular salaried and hourly employees, this is an easy procedure, and any decent payroll computer software can do it automatically. But, if you work for yourself, it is your responsibility to figure out precisely what you owe.

Self-Employment tax obligations in Tulsa, Oklahoma

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.

Employees in a regular employer/employee relationship do enjoy one substantial perk that the self-employed do not: their Social Security and Medicare contributions are matched by their employers. So, if you pay in Social Security and Medicare taxes with every paycheck, your employer has to match that. This essentially doubles your contribution to these programs, without doubling their financial burden on you.

However, if you are a self-employed business owner in Tulsa, Oklahoma, you are liable for both the employee and employer contributions to Medicare and Social Security. This essentially doubles your self-employment tax rate.

The total self-employment tax (note that this is totally distinct from the income tax) is set at 15.3%, if your income from self-employment in Tulsa, Oklahoma exceeds . But, 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 further 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 Tulsa, Oklahoma Tax Attorney Help?

If you are self-employed in Tulsa, 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 Tulsa, Oklahoma tax attorney would likely have very little trouble assisting you figure it out. A reliable lawyer can also give you practical legal advice, which can help you avoid more significant tax law issues in the future, by dealing with them before they become problematic.

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Life in Tulsa

Tulsa has been diversifying it's oil industry controlled economy. In doing so, Tulsa has become the second largest city in the State of Oklahoma and a major center for high tech, finance, aerospace, and telecommunications technology development and manufacturing. Tulsa acts as the most important manufacturing hub in Oklahoma and produces nearly 60% of the goods exported from Oklahoma. Financial institutions like BOK Financial Corporation are headquartered in Tulsa alongside business like QuikTrip, Dollar-Thrifty car rental, Hilti, and gas related companies like Sem Group, Synthroleum, and Excel Energy. Attesting to how well the city is doing, the housing trends show a 6% increase in rent last year. So what else does Tulsa have to offer?

The University of Tulsa, Oral Roberts University, Rogers State University, and Tulsa Community College each accept students seeking higher educations. The University of Tulsa was ranked among the best doctoral universities in the United States by U.S. News World Report and one of the top masters institutions by the Princeton Review. The Cancer Treatment Centers of America have their Southwest Regional cancer treatment facility in Tulsa which is located at the Southwest Regional Medical Center. It's one of the largest cancer treatment hospitals in the nation.

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