Self Employment Tips

cookie789123 asked:


I’m 16 an I really want a job. I really want to work in the hospital when I grow up, so I was thinking if maybe it was possible right now. Have you heard of any employment opportunities at a hospital? If so, will you give me some tips on how I can stick my self out there and apply? What kind of position would be good for me? (In the detroit area)

India

angeldust asked:


I am starting a job tomorrow where I will be considered “self employed”. I will be working as a full-time secretary at a Real Estate agency and will be responsible for handling my own taxes. Apparently this is a common situation at jobs here in TN. I have been doing a lot of research on self employment taxes, and it doesn’t seem to be as bad as I thought it might be. (I was warned that I would be paying more in taxes than if an employer took out the taxes.) I am curious if anyone has any straightforward and EASY tips on how to I could figure out that taxes I will need to hold back from each pay check so that I don’t run into trouble with owning too much when I pay my taxes quarterly. I will be claming married with 2, because my husband is not working, and I am the sole provider in my household.

Anika

jessica, asked:


What sort of things do I need to do to become an Author later on in life? I’m still in school, starting year 10, and I’ve been told I should start thinking about what I want to do when I leave school. I’ve always been interested in this sort of stuff. Any tips on what I should do, because I get the feeling it’s a self-employment sort of career. Thanks guys.

Dominique

tlc asked:


The IRS has set aside Saturday, March 29 as “Super Saturday,” a day of help just for you!

Approximately 320 IRS offices will provide free help preparing a simple 1040A for people who are filing solely to receive their stimulus payment. In addition hundreds of IRS partners will be opening their doors on that day offering free help too.

Most individuals do not have to do anything special this year to receive their payment. However, many Social Security, Veterans’ and Railroad Retirement benefits recipients, and low-income workers who dont normally need to file a tax return will need to file one for 2007 to receive a stimulus payment.

Filers must have received at least $3,000 of qualifying income to receive a stimulus payment. Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans benefits and earned income, such as income from wages, salaries, tips and self-employment.

You can find the nearest IRS office or partner site providing free assistance on Super Saturday at www.irs.gov or by calling the IRS Volunteer Site Hotline 1-800-906-9887.

The best source of information about stimulus payments is at the IRS.gov Web site. The public may also call 1-866-234-2942 on March 29 between 9 a.m. and 3 p.m. for answers to questions on stimulus payments.

Remember that for the genuine IRS Web site be sure to use .gov. Don’t be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.

Yosef

jixsluinbs asked:


I have been working as a self employed caretaker and house maid for the past 8 years now as well as working for another friends self employed business. My question is how would I go about putting this as a employment history? Would the people I clean for be considered my employers? Any suggestions or tips is greatly appreciated. Thanks!

Carmelo

angeldust asked:


I have done a lot of research on self employment taxes, and have the following information from ehow.com: Instructions
STEP 1: Figure out your net income from self-employment. Net income is typically your total business receipts minus your total business deductions. STEP 2: Multiply your net income from self-employment by 0.9235 (or 92.35 percent). STEP 3: Multiply the amount of your net earnings that is $76,200 or less by 0.153 Add your two answers together. This is your self-employment tax. STEP 4: Report your self-employment tax on Schedule SE of the 1040. Tips & Warnings
You can deduct half of your self-employment tax in determining your adjusted gross income. Do this in the Adjustments section of the 1040.

My question is WHERE do I deduct the 1/2 of the self employment tax?

I will be working 40 hours a week at 8$ an hour. How can I figure out how much tax to take out of each pay check?

Carley

Doug F asked:


I would like to get into the restaurant business. My resume shows two years of college, 4 years of waiting tables/bartending, and 12 years of self employment(non-restaurant related).I really don’t want to start out as waiter and work my way up. What is my best approach to applying for a restaurant manager position? Do they hire outsiders w/out prior restaurant management exp.?

Just looking to see if anyone has experiences with this or maybe give me some tips (so to speak).

Thanks
Jon

Beckett

I can’t think of a Good nick asked:


I want to start a business and I’m 15. Often the “businesses” teens start are really just other forms of jobs (aka mowing lawns, walking dogs). How can I do the work to get the business on its feet and then have other people run it for me for a commision or something. I’ve considered hiring some of my friends who are interested in making some money but I dont know if i could leave them with a mower and trust them to finish the whole job with quality. I would of course give them a share. It is even legal for me to hire employees. Also do you have any tips for me to start a business or know of resources that can help. I’m always looking for good mentors (books, websites, friends, friend’s bosses, you) Thanks!

Elsie

penjewel31 asked:


I have played at least twice a month this past year at local bars/coffeehouses. I bought my own PA system also. I have kept good track of my earnings, although I have been paid by cash/tips/sales of CD’s. I need to report this on my 1040. but do I do it under self employment or under “other” in the W2 section info. Which should I do? Is this a red flag for the IRS when people add these things to their 1040?

Leanna

uhhhhhhhhhhhhhhhhhhhh asked:


I worked for a company in 2006-2008 where I was falsely classified as a contractor. I was recently reclassified by the IRS as an employee using Form SS-8.

I know that my “1099″ wages fall now on the amended 1040’s under wages, tips and salaries, but where do all of the moneys I paid as “self-employment tax” fall on the amended 1040’s?

My first impulse is to plug them in as taxes withheld, but I know that at least some of it counts as Social Security and Medicare which I would have had to pay anyway and which don’t appear on 1040 forms.

Any tax accountants out there have experience with this? I work for tax accountants but they have no experience with reclassifications and are taking forever to get to my amended returns. I think I could amend the returns myself if I only knew where to plug in the amount of money I paid…

I made less than $13K annual gross PLUS I go to school, so I have no federal tax liability. This is all self-employment we are dealing with here, which I have paid in full for the past two+ years.

Madisyn