2011 Taxes - Self Employed
Thread Starter
There is no G. There is no G. Repeat after me, THERE IS NO G!
Joined: Jan 2006
Posts: 1,688
Likes: 4
From: Texas
Taxes - Self Employed
Just curious if there are self-employed folks here and if you've done your taxes yet. Just input my numbers into our joint filing on our TurboTax and had a big swing. I'm wondering if its correct.
http://www.irs.gov/businesses/small/...=98846,00.html
Well, I know yall can't see my paperwork - I'm just needing to vent. It don't seem right and its been bothering me. I guess the upside is we haven't submitted it yet.
Edit: screwed up the title. sorry yall
http://www.irs.gov/businesses/small/...=98846,00.html
The self-employment tax rate for self-employment income earned in calendar year 2011 is 13.3% (10.4% for Social Security and 2.9% for Medicare). For self-employment income earned in 2010, the self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Well, I know yall can't see my paperwork - I'm just needing to vent. It don't seem right and its been bothering me. I guess the upside is we haven't submitted it yet.
Edit: screwed up the title. sorry yall
Thread Starter
There is no G. There is no G. Repeat after me, THERE IS NO G!
Joined: Jan 2006
Posts: 1,688
Likes: 4
From: Texas
Well, DH input his info and we had a refund coming. I put in my info and not only was that refund erased, but I now owed that much
After doing the math, it is correct. Just chaps my buns.
Thread Starter
There is no G. There is no G. Repeat after me, THERE IS NO G!
Joined: Jan 2006
Posts: 1,688
Likes: 4
From: Texas
Yeah wise advise. We're debating that. The cost of one is small compared to the money owed or due. We've always had a simple time before but the last two years got complicated with the house and business. <sigh> Such is life
Muted one day, Banned the next....... Ah the life of a DTR 1%'er
Joined: Jan 2005
Posts: 2,187
Likes: 0
From: Ohio: Home of the disappointing sports teams
Get a young one fresh out of college. They are up to date on all the newest info tax benefits. A good CPA will pay for themselves
Thread Starter
There is no G. There is no G. Repeat after me, THERE IS NO G!
Joined: Jan 2006
Posts: 1,688
Likes: 4
From: Texas
Trending Topics
'People of Wal-Mart' 2010 finalist
Joined: Feb 2005
Posts: 456
Likes: 0
From: Oklahoma/Texas
Registered User
Joined: Nov 2005
Posts: 224
Likes: 3
From: Alvin
I'm not self-employed but I do have a lot of deductions for my job. So does my wife (she's a teacher). Between her and I, kids, daycare, college tuitions, taxes, donations, etc...I just paid my CPA $400 for this years tax return. I dont mind it a bit. I'm sure when I start owing money that may change. But at least I know its right.
Administrator
Joined: Jan 2004
Posts: 2,331
Likes: 2
From: Kalamazoo, Michigan
Muted one day, Banned the next....... Ah the life of a DTR 1%'er
Joined: Jan 2005
Posts: 2,187
Likes: 0
From: Ohio: Home of the disappointing sports teams
