Self Employment Tax Lawyers in North Providence
In the U.S., including in North Providence, Rhode Island, taxes are levied 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.
It's essential 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.
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 North Providence, Rhode Island
If you own a sole-proprietorship, or work mainly 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.
Persons who are not self-employed, and work for another person or company, have their contributions to Medicare and Social Security matched by their employers. This means that these programs are receiving, on your behalf, twice as much money as what's deducted for your paycheck, with your employer covering the other half.
But, if you are self-employed in North Providence, Rhode Island, you are responsible to pay both the employee and employer share of the employment tax. Essentially, this means that the employment tax for self-employed individuals is double what it would be for regular employees.
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 North Providence, Rhode Island 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 North Providence, Rhode Island Tax Attorney Help?
Self-employed individuals in North Providence must ensure that they keep good, accurate financial records. This makes it much easier to determine what you owe, and, if you need a tax attorney, it makes it easier for them to advise you with your legal tax concerns.
That said, if you are encountering trouble figuring out precisely how much self-employment tax you owe in North Providence, Rhode Island, a competent tax attorney shouldn't have any trouble helping you on that front. Likewise, if you end up in a dispute with the government over your self-employment tax requirement, a good tax attorney can give you the best possible chance of getting a favorable result.
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This lawyer shows real commentment to his cases
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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.
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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.