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As A Member Of The Clergy Are There Any Exemptions For Self-employment?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

Yes, look at Form 4361. http://www.irs.gov/pub/irs-prior/f4361--2011.pdf Remember, if you dont pay into SSA, you cant pull out. And also remember "Give back to Caesar what is Caesar's and to God what is God's."...   Read More
What Is The Maximum Wages And Self Employment Income Subject To Social Security Tax In 2012? Is It Any Different In 2013?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

For 2012 the maximum earned income subject to social security tax is $110,100. The tax rate in 2012 was 4.2% for W-2 employees. This made the maximum social security tax $4,624.20. The maximum for the self-employed...   Read More
What Amount Of Investment Income Is Taxed On My Sons Investment? He Only Had Investment Income Of $200.00 In 2012.
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

If you claim it on your return, the first $1,900 of your son's investment income is tax exempt. You should input his income this form - http://www.irs.gov/pub/irs-pdf/f8814.pdf Chuck Heyde www.GEMMS.us   Read More
If I Am Going Through The Appeals Process Is Interest Still Accruuing On The Taxes They Say I Owe?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

Of course - that is why they are in no hurry. They have all the time in the world....   Read More
I Inherited A Qualified Retirement Plan From My Deceased Spouse's 401K Plan. Do Minimum Distribution Rules Apply To The Inherited Account...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Yes, minimum distribution rules apply if the deceased spouse had been required to take distributions had she lived.   Read More
The Wages That I Pay To My Family Members Are Taxed As Any Employee. However, I Understand There Are Some Exemptions And Would Like To Know...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Child under 18, employed by parent...Withhold Fed. Tax, FICA and FUTA are Exempt. Child under 21 (19-20) employed by parent...W/H Federal; W/H FICA, FUTA Exempt Child under 21, domestic work (parent) W/H...   Read More
Are There Any Accountants Looking For A Cost Segregation Provider?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

If you are interested in considering a cost segregation analysis of an ocean going cargo vessel I have a prospective client for you as I won't touch this project with a ten foot pole.   Read More
I Am A Freelance Writer Looking To Set Up An LLC. I Heard That Setting Up A Corp In A State Like Nevada Is More Economical And Less Redtape....
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You can file for LLC in Nevada, Delaware, California. The filing fees would be less in one state over another. The paperwork might be less as well. The state filing fee for CA is $255., DE is $205. and NV is $...   Read More
I Am A Freelance Writer Looking To Set Up An LLC. I Heard That Setting Up A Corp In A State Like Nevada Is More Economical And Less Redtape....
User Photo Wray Rives CPA CGMA
Tax Professional Level: Tax Enthusiast

Setting up your LLC in another state will not allow you to avoid CA tax as long as you are a CA resident and plan to conduct your freelance writing business from CA. If you want to set up an LLC, then you may as...   Read More
What Is The Penalty Tax For A Small Business With Ten Employees Who Cannot Afford To Pay For Obamacare? Are There Any Exemptions I Should...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

The exchanges should be established early 2014. Effective for months beginning after December 31, 2013, employers with at least 50 full-time employees must offer health insurance coverage to its F/T employees or...   Read More


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