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Old 11-28-2004, 11:32 PM
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danslawncare danslawncare is offline
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Taxes

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!
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Old 11-28-2004, 11:52 PM
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K.Carothers K.Carothers is offline
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Quote:
Originally Posted by 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!
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.
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Old 11-28-2004, 11:56 PM
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SodKing SodKing is offline
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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.
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Old 11-29-2004, 06:24 PM
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Team Gopher Team Gopher is offline
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Hi danslawncare,

Here is a link that may be helpful.

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