The Trump Tax Cut by Eva Rosenberg EA
Author:Eva Rosenberg, EA
Language: eng
Format: epub
Tags: PERSONAL FINANCE/TAXES
Publisher: Humanix Books
Published: 2018-11-11T16:00:00+00:00
Tip #146: Not Enough?
We talked about getting too much Social Security income, but what if you don’t have enough? There are lots of people who worked for themselves, cleverly showing the lowest possible taxable profits to keep their taxes low. Or they came to the United States later in life. Perhaps they worked for employers who did not participate in the Social Security system. Suddenly, they look up and realize they haven’t worked in the Social Security system for the full 40 quarters (10 years). What do they need to do to catch up? It’s time to get a job with an employer who pays into the system, or start a business where you have self-employment profits. For 2017 (2018), the wages or profits must be at least $5,200 ($5,280) per year or $1,300 ($1,320) per quarter. You can look up the annual minimum earnings requirement on the Social Security website (https://www.ssa.gov/oact/cola/QC.html).
Tip #147: Taxable Profits
Suppose you are, and have been, legitimately self-employed, but your taxable profits just don’t reach that level. Is there something you can do? You bet there is. Take a look at Part II of Schedule SE’s Schedule B (https://www.irs.gov/pub/irs-pdf/f1040sse.pdf). It’s on the bottom of the second page of this form. There are two “Optional Methods”—one for farmers and one for other businesses (nonfarm). When your profits are too low, you have the option of paying the higher amount of self-employment taxes to ensure that you meet the Social Security Administration’s 40-quarter earnings requirement. Most people either overlook it or simply don’t understand it and never ask. Take a look and see what I mean: https://www.irs.gov/pub/irs-pdf/f1040sse.pdf.
Download
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.
Zero to IPO: Over $1 Trillion of Actionable Advice from the World's Most Successful Entrepreneurs by Frederic Kerrest(4046)
Machine Learning at Scale with H2O by Gregory Keys | David Whiting(3613)
Harry Potter and the Goblet Of Fire by J.K. Rowling(3607)
Never by Ken Follett(3520)
Ogilvy on Advertising by David Ogilvy(3327)
Shadow of Night by Deborah Harkness(3173)
The Man Who Died Twice by Richard Osman(2805)
Book of Life by Deborah Harkness(2717)
My Brilliant Friend by Elena Ferrante(2698)
How Proust Can Change Your Life by Alain De Botton(2613)
0041152001443424520 .pdf by Unknown(2592)
Will by Will Smith(2577)
The Tipping Point by Malcolm Gladwell(2554)
How to Pay Zero Taxes, 2018 by Jeff A. Schnepper(2497)
Purple Hibiscus by Chimamanda Ngozi Adichie(2481)
Hooked: A Dark, Contemporary Romance (Never After Series) by Emily McIntire(2415)
Rationality by Steven Pinker(2148)
Borders by unknow(2116)
Daughter of Smoke and Bone by Laini Taylor(2077)
