Self Employment Tax in Taylorsville, Utah

Find the right Self Employment Tax attorney in Taylorsville, UT

Self Employment Tax Lawyers in Taylorsville

In the U.S., including in Taylorsville, Utah, 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.

But what if you're self-employed? You're still obliged to pay these taxes, since you will also be qualified for those retirement programs. It's also your responsibility to determine what your tax liability is.

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 Taylorsville, Utah

If you mainly work as an independent contractor, or are the owner of a sole proprietorship, you have to pay what's usually referred to as the "self-employment tax," if your annual income from self-employment is over .

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.

But, if you're self employed in Taylorsville, Utah, or anywhere else, you are obliged to make the employee AND employer contributions to Social Security and Medicare, essentially doubling your employment tax liability.

Currently, the self-employment tax rate in the United States is 15.30% of all income earned from self-employment in Taylorsville, Utah. Nonetheless, half of your hypothetical self-employment tax liability can be deducted from your income. This means that you only pay self-employment tax on about 92% of your income, which creates an effective self-employment tax rate of just over 14%.

Can a Taylorsville, Utah Tax Attorney Help?

If you work for yourself in Taylorsville, you have to stay on top of your self-employment taxes, to avoid facing significant legal and financial issues later on. This means you need to keep reliable records of all your income and expenses, in case you need to seek the advice of a tax attorney: the more information you can provide your lawyer, the better he or she can help you.

Anyone having difficulty with figuring out what they owe in self-employment taxes in Taylorsville, Utah should seek the assistance of a reliable tax attorney. Most tax attorneys also have a good familiarity of accounting, so making this determination probably won't be too hard for them. And on top of that, a skilled tax attorney can give you objective and useful legal advice, which can help prevent more significant issues from rising in the future.

Talk to a Tax Law Attorney now!

Life in Taylorsville

Taylorsville is situated in Salt Lake County, Utah. It was settled as early as 1848 and incorporated recently in 1996. It features a mix of old-style American culture with modern developments. Taylorsville has a growing population of about 59,000. The city is located in the center of what is known as Salt Lake Valley, about 15 minutes away from Salt Lake International Airport.

A defining characteristic of Taylorsville is the level of volunteerism that the community demonstrates. Hundreds of Taylorsville residents contribute their time and resources to local city committees, while thousands more are involved in city events and educational programs. Taylorsville citizens also consistently demonstrate a high level of political enthusiasm.

Taylorsville's economy is supported by the presence of numerous companies which enjoy many of the advantages the city has to offer, such as no franchise taxes. Tourists and visitors also add to the city's progress by visiting sites such as the Taylorsville/Bennion Heritage Center.

Taylorsville lawyers frequently visit the Taylorsville Justice Court when dealing with legal matters. Lawyers in Taylorsville, Utah reflect the city's atmosphere of community involvement and volunteerism.

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