How does this work?
I've never had a job that doesn't withhold taxes so how many hours per week is safe to take without having to pay out the wazoo at the end of the year??
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4meAndyou · F
"Self-employed caregivers can deduct business-related expenses such as supplies, mileage, training, home office costs, and health insurance to reduce taxable income and offset self-employment tax.
Who Qualifies as a Self-Employed Caregiver
You are considered self-employed if you provide care services directly to clients and receive payment as a sole proprietor, independent contractor, or single-member LLC, rather than as a household employee with a W-2. You control your schedule, work conditions, and payments, and are responsible for reporting income and paying self-employment tax, which covers Social Security and Medicare."
agingtoday.com
You will be responsible for state and federal taxes.
Who Qualifies as a Self-Employed Caregiver
You are considered self-employed if you provide care services directly to clients and receive payment as a sole proprietor, independent contractor, or single-member LLC, rather than as a household employee with a W-2. You control your schedule, work conditions, and payments, and are responsible for reporting income and paying self-employment tax, which covers Social Security and Medicare."
agingtoday.com
You will be responsible for state and federal taxes.
4meAndyou · F
@Tumbleweed The absolute best thing you can do is find out what percentage of your pay is taxable by the state in which you live, and then find out the same for federal government.
Keep you deductions as high as possible without being dishonest...😉..but the nice thing is that you can deduct health insurance from your wages.
I don't know about a home office. If you have a tiny space that you use to store a filing cabinet and a desk and your phone, and you use it for business ONLY, you might be able to deduct for a home office. I am iffy on that one.
Keep you deductions as high as possible without being dishonest...😉..but the nice thing is that you can deduct health insurance from your wages.
I don't know about a home office. If you have a tiny space that you use to store a filing cabinet and a desk and your phone, and you use it for business ONLY, you might be able to deduct for a home office. I am iffy on that one.