Contract Employee Income Tax Question

Contract Employee Income Tax Question

Contract Employee Income Tax Question

I am a contract employee and may make 28000 this year. I have two children.

What are chances I may just break even instead of owing a bunch in taxes?

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Jan 20, 2024
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starstarstarstarstar 		Optimizing Your Tax Return
by: BB

Your tax outcome depends on various factors, including deductions, credits, and other personal circumstances. With an income of $28,000 and two children, you may be eligible for tax credits like the Child Tax Credit and the Earned Income Tax Credit, which can help reduce your tax liability. To get a clearer picture, consider consulting with a tax professional or using online tax calculators.

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Contract Labor, Self Employed

by Sue Chandler
(Ransom Canyon, Tx.,USA)

I am a self-employed, contract laborer. What percentage of my pay should I hold back each month to cover federal & FICA taxes?

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Jan 20, 2024
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starstarstarstarstar 		Managing Taxes as a Contract Laborer
by: BB

As a self-employed contractor, a common rule of thumb is to set aside around 25-30% of your income for federal income tax and FICA (Social Security and Medicare) taxes. However, individual circumstances may vary, so it's advisable to consult with a tax professional to create a more accurate estimate based on your specific situation.

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Independent Contractor?

by Ms. Moody
(Houston, TX)

I work as an independent contractor. Sometimes if I get in a jamb I will farm out some of my work to my neighbor (stay at home mom). I report all my taxes when I file jointly with my husband. My workload has increased and I'm needing more and more help. How can I legally take deductions on my taxes for what I pay her? She is a friend and neighbor. I don't have her SSN#.

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Sub-Contract Labor

by Barry Hollingsworth
(Lexington, NC)

I have worked for a painting company for over 10 years, dureing this time the only way he would pay me was sub-contract labor, I was full time with this company, was the job supervisor, all materials were furnished, a company phone, vehicle, credit card.....was paid salary... being paid like that was the only option to keep the job.....now I have been let go and I have a debt with the IRS over $25,000.00 and no job..... I am just wondering if it was legal for him to pay me like that and is there anything I can do to pas some of this debt on to the company that put me there ?? please give me some advice.... Thanks

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