Taxes

[danslawncare]

What is the tax rate for self imployed people? How do you pay your taxes? WHat % is it? Do you have to claim a seperate return for you and your business?

Thanks!

[K.Carothers]

What is the tax rate for self imployed people? How do you pay your taxes? WHat % is it? Do you have to claim a seperate return for you and your business?

Thanks!

A good CPA is what you need. They can answer all your questions. Basically you pay the same taxes as if you were employed and received a W2. The big difference is ss/medicare/medicade along with some minor differences. You have to match that 7.65% for a total of 15.3%. Federal is based on adjusted gross income/10%,25%,35% or38%.
You don't file seperate returns just one 1040,1040schedule c.
A good CPA is worth their weight in gold.

[SodKing]

these sound like questions for an accountant. You should set up an appointment or visit the IRS site and do some research. Were landscapers here, not accountants.

[Team Gopher]

Hi danslawncare,

Here is a link that may be helpful.

http://www.revenue.state.il.us/