How much is your tax return this year?

[gonelifting]

I think I paid around 40k last year...olololol

Paid at tax time or paid IN taxes total? Do you avoid any penalties for paying that much? If so, you're a rich fucker.

MTSW?

 

[calveless wonder]

self employed, 1099....

gotta love claiming a loss

 

[gonelifting]

self employed, 1099....

gotta love claiming a loss

Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!

 

[calveless wonder]

Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!

There is no guideline.....depends on your line of work and how much you can write off at the end of the year...and what type of business you're in and what your overhead is.
What you're talking about is different from an accounting perspective than it is from a practical personal revenue perspective. There's so many different variables in what type of overhead and reoccuring costs you have to carry...

my CPA rocks.....having a good one goes a long way.
i drive alot, go out to eat alot,travel, purchase alot of business related expenses and constantly put money back into my business(in the form of marketing, etc).

 

[bran987]

Is there a quick way to estimate how much more it costs to be self employed over a salaried employee? Let's say for example, one makes $40/hour. They pay normal taxes and their employer pays their part, lowering the employees burden. If the employee is self employed or works as a contractor, how much would they have to make to break even with the $40/hour employee salary?

Anyone? I know it varies, but there is probably a guideline of some sorts, right? 25% more? 50% more? Self employed pays a lot of stuff otherwize forgotten by the employee. Taxes, insurance, EVERYTHING.

Ahhh, fuck it, too complicated. Yeah, i just fucked up this thread.

Fuck you.

ANSWER!

seems like there would be a guideline but based on what tax bracket you're in. insurance is whatever it is, but as a worker gets older obviously their insurance gets much more expensive and the benefits of being employed by someone else increase. I don't know what the guideline would be but it's a good question.

 

[Raptorex]

Paid at tax time or paid IN taxes total? Do you avoid any penalties for paying that much? If so, you're a rich fucker.

MTSW?

that was my total fed nut due, no penalties.

 

[Raptorex]

seems like there would be a guideline but based on what tax bracket you're in. insurance is whatever it is, but as a worker gets older obviously their insurance gets much more expensive and the benefits of being employed by someone else increase. I don't know what the guideline would be but it's a good question.

I highly suggest you never put that in writing at any future employment young padwan, esp. if you become a manager.

 

[heatherrae]

I haven't gotten money back in 10 or more years.

 

[musclemom]

I haven't gotten money back in 10 or more years.

I'm not quite as bad, but yeah, I haven't seen a refund since my son moved out, so that's four years ago.

I'm still waiting to hear from my CPA, have NO idea what the damage is yet, should be null for Feds and about $500 or so to the state. I just need to know what to pay for my estimated taxes this quarter.

Self employed is a riot.

 

[the_clockwork]

I got 2700 back due to a lot of deductions and being in school