Self Employment Tax Lawyers in Alexandria
In the U.S., Alexandria, Virginia included, almost everyone who is employed during most of their adult life is suitable for Social Security and Medicare benefits when they retire. These programs are supported by taxes deducted from the paychecks of most employees.
Individuals who are self-employed are still responsible for these taxes, and are responsible for figuring out how much they owe.
Typically, it's the employer who does all the calculations, determining what deductions need to be made from a worker's paycheck to cover his or her tax liability. But if you are your own boss, you have to do this, and ensure that your figures are accurate.
Self-Employment tax obligations in Alexandria, Virginia
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 usual employees, Social Security and Medicare payments are made in equal parts by the employee and employer. This essentially means that every employee's contribution to his or her future Medicare and Social Security benefits is matched by the employer.
But, if you are a self-employed business owner in Alexandria, Virginia, you are liable for both the employee and employer contributions to Medicare and Social Security. This basically doubles your self-employment tax rate.
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 Alexandria, Virginia 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 Alexandria, Virginia Tax Attorney Help?
If you are self-employed in Alexandria, 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 Alexandria, Virginia 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.
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.