Self Employment Tax in Newport News, Virginia

Find the right Self Employment Tax attorney in Newport News, VA

Self Employment Tax Lawyers in Newport News

In the U.S., Newport News, Virginia included, almost everyone who is employed during most of their adult life is qualified 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 accountable for these taxes, and are responsible for figuring out how much they owe.

Normally, it's the employer who does all the calculations, deciding 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 confirm that your figures are accurate.

Self-Employment tax obligations in Newport News, Virginia

If you derive even a small percentage of your income from running your own business, or working as an independent contractor, you have to pay the "self-employment tax." This tax applies to everybody who makes more than per year from self-employment.

Individuals 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 obtaining, on your behalf, twice as much money as what's deducted for your paycheck, with your employer covering the other half.

But, if you're self employed in Newport News, Virginia, or anywhere else, you are obligated to make the employee AND employer contributions to Social Security and Medicare, basically 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 Newport News, Virginia. 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 Newport News, Virginia Tax Attorney Help?

If you're self-employed in Newport News, you need to keep complete records of all your income and expenses from the operation of your business. This will make it much easier for you to calculate your taxes when they come due, and it will make it simpler for a tax attorney to give you good, useful advice, should you eventually need it.

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

Talk to a Tax Law Attorney now!

Life in Newport News

Newport News is home to many shipbuilding, military, and aerospace installations that fuel the local economy. Newport News is the end of CSX Railroad tracks owned by Fortune 500 giant CSX Transportation once known as the Chesapeake and Ohio (CO) Railroad. The two Newport News industrial parks have helped foster manufacturing and distribution industries that now help fuel the economy.

Newport News lawyers help solve all kinds of legal problems. Newport News isn't all business though, they city is home to countless historical sites, museums, and shopping thoroughfares. The Newport News Mariners' Museum is a world renown collection of over 35,000 pieces that include some works of art and a number of artifacts. Some of those artifacts are from the USS Monitor. The USS Monitor was an American Civil War ship credited with the first ironclad battle against the Confederate States Ship named the CSS Virginia. The Virginia War Museum, U.S. Army Transportation Museum, Peninsula Fine Arts Museum, and Ferguson Center for the Arts on the Christopher Newport University campus are other popular attractions in Newport News.

There's 35 city parks in Newport News but most tourists visiting are boaters who visit one of the cities two boat ramps: Denbigh Park Boat Ramp and Hilton Pier/Ravine. The area is know for having outstanding trout fishing. There are camping, archery, Frisbee golf, and picnic areas with barbeque pits available for residents and tourists too.

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