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Recent Social Security Tax questions

Question....being paid 40k for mural job....expenses are

Question....being paid 40k for mural job....expenses are approximately 15k....what is tax is due federal and state..reside in nj

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
I have clients who set up an SCorp in 2015. I didn't know

I have clients who set up an SCorp in 2015. I didn't know until today when I received their computer printouts that neither of them took salary in 2015; everything is shown as "draw."Where should this be reported on Form 1120S/K-1?I advised them that from here on out they must take reasonable salary.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
C Corp business owner here. Can I take myself off payroll

C Corp business owner here. Can I take myself off payroll for the last four months of the year and declare my income as self-employment, even if it does come from the same place?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I live in New Hampshire and I will be starting a software

I live in New Hampshire and I will be starting a software consulting company and I have the following questions:1- Should I go for an S-Corp and provide myself a salary so that I can save on FICA or should I just go for an LCC and be taxed 15% + profit tax?2- Should I register the company in Delaware (flat state annual fee of $300 + registered agent fee of $50) or should I do it in NH but I will have to pay %8 on the corporate profit?3- I will be working in all the states and probably not in NH. If I were in a state that has state tax, I will probably get double taxed but will get a credit from my state but in NH there is no state tax, so there is no way to get a credit.4- do I have to pay taxes in all the states where I work?thanks

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I am regular full time permanent employee of an I.T. Company

For Lev only ..........I am regular full time permanent employee of an I.T. Company on monthly salary and get W2 at the year end . Now , i am lanning to change job and looking short term contract positions through consulting firms on their W2 . These consulting firms offer two options i.e., (1) Joining on w2 salary , and (2) Joining on w2 hourly . Please let me know the status difference for how taxes will be done ?If it is on w2 hourly , these consulting firms do not give any benefit of paid leaves and medical insurance . Please give me an idea about how much i need to pay for Medical , Dental & Vision Insurance if i buy for myself, my spouse and one Kid out of my pocket totally and no employer contribution .

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2 satisfied customers
She was led to believe she was a partner but he told her she

She was led to believe she was a partner but he told her she was only getting $6.00 per hour as the rest went to taxes and social security for her, plus buying stock for business etc. No W2s or 1099s were ever filled out and it wasn't till they broke up and went to court that she found no social security or taxes of any kind paid for her and that she was not a partner, the judge decided she was an employee. What can she do about no social security credits for 14 years she was with him. Anything to make him pay back social security taxes?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: Thats about it.

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
What is Online Spot Forex Trading and who is called Day

what is Online Spot Forex Trading and who is called Day Trader ?Me and my spouse are planning to apply for U.S. Citizenship on the basis of having U.S. Green Card for last 5 years . Now , there is a column in Citizenship Application Form to mention about the Employment details of applicant during the last 5 years , if any . Please clarify me what should i write about my spouse in the application form for the column of Name of Employer , Address of Employer , Dates of Employment and Occupation keeping the following status of my spouse in mind :My spouse has never done any job in USA and stays at home . He does some online Forex trading for himself for little earning and reports it in tax return . we both file the joint income tax return as married but his online forex earning is either nil or loss from last 2 yrs and he does very few low amount transactions of forex sale-purchase in a year . So should he use self-employed or unemployed ? If self-employed , then what to write in employment details column like employer name , address , dates, occupation , etc. ?

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Mark Taylor

Certified Public Accountant

Masters

1,220 satisfied customers
I'm retired but I' working as a temp employee and will make

I'm retired but I' working as a temp employee and will make 80,000 this year plus railroad retirement. Projected tax per turbo tax will be 26000. Could this be correct?

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
I retired last month, my wife retired at age 62 now(65) and

I retired last month, my wife retired at age 62 now(65) and we receive close to 2900.00between the 2 of us. I am receiving biweekly 1500.00 for a year as a part of the packageof being laid off. I also received 7200.00 from social security as a back pay because I waited until I was 67 before I took full retirement and they go back 6 months. They are taking taxes out of my biweekly check. I was told you are allowed to all the money youwant without being taxed for social security income. I need to know it that is correct.

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Robin D.

Vocational, Technical or Trade School

21,190 satisfied customers
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