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Taxes

Discussion in 'Business Operations' started by danslawncare, Nov 28, 2004.

  1. danslawncare

    danslawncare LawnSite Member
    Messages: 103

    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!
     
  2. K.Carothers

    K.Carothers LawnSite Bronze Member
    Messages: 1,124

    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.
     
  3. SodKing

    SodKing LawnSite Bronze Member
    Messages: 1,641

    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.
     
  4. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Messages: 4,040

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