What Freelancers Should Know About Taxes
Quick summary:
1. There are seven tax brackets for the 2021 tax year: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.
2. While S-Corporation income isn't subject to self-employment taxes the way sole proprietor income is, if you elect to be taxed as an S-Corporation, you must pay yourself a salary in the form of W-2 wages that are subject to FICA taxes, which is known as reasonable compensation.
3. An S-Corporation does not pay tax; instead, profits and/or loss flow to the taxpayer and is claimed on their personal tax return
#biyro #browardcounty #cpa #taxseason #creditrestoration
More: https://biyro.com/blog/freelance/what-freelancers-should-know-about-taxes/
Quick summary:
1. There are seven tax brackets for the 2021 tax year: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent.
2. While S-Corporation income isn't subject to self-employment taxes the way sole proprietor income is, if you elect to be taxed as an S-Corporation, you must pay yourself a salary in the form of W-2 wages that are subject to FICA taxes, which is known as reasonable compensation.
3. An S-Corporation does not pay tax; instead, profits and/or loss flow to the taxpayer and is claimed on their personal tax return
#biyro #browardcounty #cpa #taxseason #creditrestoration
More: https://biyro.com/blog/freelance/what-freelancers-should-know-about-taxes/
As the ranks of freelancers swell, the taxman cometh for those in Arlington
Recent highlights:
1. Customers can get confused and think that they should pay a flat fee for gross receipts up to $100,000, plus the tax rate on the remaining receipts, however, the correct amount to file and pay is based on multiplying the total gross receipts by the tax rate, said Susan Anderson, the communications director for Arlington's Office of the Commissioner of Revenue.
2. Independent workers can deduct their expenses from their state and federal taxes, but locally, Arlington's Business, Professional and Occupational License (BPOL) tax collects on pre-expense revenue, or gross receipts
#biyro #fortlauderdale #businessowner #creditrestoration #business
More: https://biyro.com/blog/freelance/as-the-ranks-of-freelancers-swell-the-taxman-cometh-for-those-in-arlington/
Recent highlights:
1. Customers can get confused and think that they should pay a flat fee for gross receipts up to $100,000, plus the tax rate on the remaining receipts, however, the correct amount to file and pay is based on multiplying the total gross receipts by the tax rate, said Susan Anderson, the communications director for Arlington's Office of the Commissioner of Revenue.
2. Independent workers can deduct their expenses from their state and federal taxes, but locally, Arlington's Business, Professional and Occupational License (BPOL) tax collects on pre-expense revenue, or gross receipts
#biyro #fortlauderdale #businessowner #creditrestoration #business
More: https://biyro.com/blog/freelance/as-the-ranks-of-freelancers-swell-the-taxman-cometh-for-those-in-arlington/
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As the ranks of freelancers swell, the taxman cometh for those in Arlington | BIYRO.COM
As the ranks of freelancers swell, the taxman cometh for those in Arlington
Recent highlights:
1. Customers can get confused and think that they should pay a
Recent highlights:
1. Customers can get confused and think that they should pay a
Taxing the freelancer : Who are taxed ? - NewsWire
Quick summary:
1. Dividend income is subject to final withholding tax; therefore, the net income is tax free provided it has been taxed by the company paying the dividend.
2. For example, if you provide some consulting services to Company XYZ based in the UK for use in their foreign operations, and they remit GBP 1000 to your Sri Lankan Bank account, this foreign income is tax exempt in Sri Lanka.
3. So if you get interest income after the tax deduction, you will need to pay tax at the tables above and request a credit for the 5% deducted by the bank
#biyro #money #construction #accountant #creditrestoration
More: https://biyro.com/blog/freelance/taxing-the-freelancer-who-are-taxed-newswire/
Quick summary:
1. Dividend income is subject to final withholding tax; therefore, the net income is tax free provided it has been taxed by the company paying the dividend.
2. For example, if you provide some consulting services to Company XYZ based in the UK for use in their foreign operations, and they remit GBP 1000 to your Sri Lankan Bank account, this foreign income is tax exempt in Sri Lanka.
3. So if you get interest income after the tax deduction, you will need to pay tax at the tables above and request a credit for the 5% deducted by the bank
#biyro #money #construction #accountant #creditrestoration
More: https://biyro.com/blog/freelance/taxing-the-freelancer-who-are-taxed-newswire/