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| *The Commerce Journal>>>Other Taxes |
California Payroll Taxes...? |
I am an "independent contractor" with Placer County Child Development Services, which means I am a provider for one child whose mother uses this program, to get discount babysitting services based on income. Since I am not actually employed by the county but just an independent contractor, they only cut me a check without taking the necessary taxes. Which means, I am responsible for withholding my own taxes until tax season comes back around. My question is, exactly what taxes am I supposed to be taking out? Is there a percentage of the whole thing taken out, or individual parts? Can anyone name them and explain? Nobody has any clue about this!!! Feel free to e-mail me if you prefer. THANKS SO MUCH!!!! Federal withholding taxes, social security taxes (12.4% of 92.35% of net self-employment income), medicare taxes (2.9% of 92.35% of net self-employment income), state withholding taxes. Federal taxes social Security taxes State Taxes consult a tax advisor to figure out how much to pay pay them quarterly so you dont have to pay a lump sum at tax time I used to be self employed You really need to talk to an accountant in California and they can estimate the taxes for you and you should be making quarterly tax payments based on those estimates. If the taxes aren't paid in a timely manner and they have reached the limit, the Franchise Tax Board and the IRS will assess a penalty and interest charges. When you prepare your tax return at the end of the year you will pay income tax and Self Employment tax for the money that you have made from this enterprise. You only pay those taxes on the income minus your expenses. This list of things that you may be able to deduct as expenses is very long and best developed by review of your specific circumstances. A Placer County Tax Preparer |
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