Contractor New York
What should I expect to pay taxes as an independent contractor in the city of New York?
What is the tax rate for contractors Independent in New York? My average income is about $ 2200 per month. When do I pay taxes? "My work gives me something like a W2?
1. An independent contractor will receive 1099 by the entrepreneur. If you have expenses associated with this work, file Schedule C (Form 1040) of losses and profits of enterprises (own account) in which to record your income and expenses. 2. Of your income, you must pay Social Security and Medicare in 15.3%. This using Schedule SE (Form 1040). (In 1099, the employer need not pay its share of employment taxes of 7.65% and some other taxes.) 3. You are responsible paying their own taxes, including estimated tax payments. 4. If you are a W2 employee, their social security and Medicare income taxes are withheld by your employer in the 7.65%. Normally you can not claim expenses related to the job unless you itemize deductions. Also related to his business (see related) expenses are subject to 2% AGI limit. 5. Assuming that net income for 2007 in Annex C is $ 24,000. Your taxes are $ 3,672 SE. If you are single, the tax federal income is $ 1,612, then you will state prosecutors.
General Contractors New York
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