Medical transcription & taxes?
I do medical transcription and make anywhere from $300 to $1000 every two weeks. I enjoy two children I will claim on taxes next year. Taxes are not taken out of my medical transcription checks. I be wondering if anyone would have any clue in the region of how much I should pay within a month to keep from have to pay taxes? I know I can also write bad office products...newly want an educated guess. Thanks!!Answers: I'm not a tariff professional but do work as an IC myself. The rule of thumb is to w/h 30% from each check. Then, payment in quarterly estimated taxes. You can attain blank estimated tax vouchers from your local H&R Block. Now, because you enjoy two children that you can write off, you'll most expected get a nice settlement.
You can write off things approaching a portion of your rent for your office space, a portion of your utilities for your bureau space, part of your Internet service, and any bureau supplies. Plus, w/ having two children, you'll probably achieve most of what you paid contained by back, but it's better to be out of danger than sorry and since as an IC you have to settle SE tax, which if HEFTY, I'd w/h the 30% from respectively check, or at the VERY least 20%.
Just my thoughts.
First, since no levy is being withheld from your checks, I assume you are unloading a 1099 at the end of the year? In any bag, if your income has be about like for 2006 and 2007, and you expect the same for 2008, you can estimate the taxes you should take-home pay based on that annual income amount. You can look up your income amount on the 2007 import tax table (found at www.irs.gov, search 1040 instructions) within order to find the tariff due. Also, consider the amount due last year, which take into consideration your deductions and exemptions (you and your children). You can brand name quarterly payments. Hope this helps! I am an accountant and am currently working on my Masters within Taxation. If you want more help beside your taxes, please feel free to write me at EMCAStax(a)yahoo.com. Best of luck!
Only got part of IRS refund. it said i will get letter in mail for additional info. what could this mean?
Answers: It could mean anything but most likely if you have ever had a student loan, owe child support, a penalty for late tax payments are some things that can affect your return.
It could also mean that the IRS recalculated your taxes and you will get more than you thought as a refund.
Wait for the letter, it could be good news too.
If means you will get a letter telling you what the problem is.
Free estimate?
where can i seize a free estimate for my taxes? i can only find ones for folks who live in the statesAnswers: There's a few calculators out here that will allow you to eyeball your taxes.
http://www.ey.com/GLOBAL/content.nsf/Can...
this does not include EI and CPP in their computation of total tax.