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Self-Employment Tax

Who must may self-employment tax? If you are self-employed, you will be responsible for self-employment tax. For the purpose of determining self-employment tax, you are self-employed if you are a sole proprietor, an independent contractor, a member of a partnership, or are otherwise in business for yourself. As a self-employed individual you will have a Schedule C to attach to your Form 1040, and self-employment tax is computed on Form 1040, Schedule SE. Individuals must pay self-employment tax is they have net earnings of $400 or more. They are several sources of net earnings that are used when figuring your self-employment tax liability. In most cases, net earnings include net profit from a farm or nonfarm business. If you operate more than one business, your net earnings from self-employment are the combined net earnings from all your businesses. If you have a loss in one business, it reduces the income from another. Self-employment tax is the self-employed individual's contribution to social security and Medicare taxes. The only difference between the employee and the self-employed is the employee's social security and Medicare taxes are paid half by the employee and half by the employer. When an individual is self-employed, he/she is responsible for the entire amount. There are alternative methods that can be used for figuring liability of self-employment tax. The Farm Optional Method and the NonFarm Optional Method may qualify an individual to claim a larger Earned Income Credit or Child Tax Credit. They may also, however, increase your self-employment tax liability. The maximum amount of earnings subject to self-employment tax is currently $87,000.00 and when figuring your adjusted gross income on Form 1040, you may deduct up to one-half of your self-employment tax liability. If you are member of the ministry or clergy you may request an exemption from self-employment tax from the IRS. In summary, if you are self-employed, have net earnings of $400 or more, and file a tax return, you will be subject to self-employment tax. To learn more about individual liabilities, exemptions, and alternative tax methods, please visit the online site for IRS Forms and Publications at www.IRS.gov . Topic 554, Publication 517 and 533 will provide more detailed and situation specific information.

About the author: Matt Bacak became "#1 Best Selling Author" in just a few short hours. Recent Entrepreneur Magazine's e-Biz radio show host is turning Authors, Speakers, and Experts into Overnight Success Stories. Discover The Secrets To Unleash The Powerful Promoter In You! Sign up for Matt Bacak's Promoting Tips Ezine ($100 value) just visit his website at http://www.powerfulpromoter.com or http://promotingtips.com

Author: Matt Bacak


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Tips on finding a Job!

 

Below are tips to help you with any job search.

 

Network: Most people find jobs through word-of-mouth. Talk to the people you know, including relatives, friends, professors, and former co-workers.  Let them know that you are looking for work; ask their advice; seek out introductions to people in the field that interests you.

 

Customize: Create a custom version of your resume for each job or industry that interests you. Your resume is usually an employers first contact with you. Make sure it highlights your skills that relate to the job that employer is seeking to fill.

 

Know yourself: Identify your skills. Work on communicating them effectively. You need to be able to lay out your skills, and explain how they relate to the job you're seeking. 

 

Organize and prioritize: Make a list to help keep track of your job search efforts. Preparing a list also helps you to organize your priorities and keeps you focused on your goal -- finding your perfect job.

 

Do your homework: Read the newspaper and trade journals to remain current on developments in your field of interest. Knowing the latest trends and mergers will help set you apart from other candidates in an interview. 

 

Practice, practice, practice: Preparation is the key to a successful interview. Know your skills and be ready to illustrate how they relate to the job in question. Practice with a friend to get comfortable with your responses and to formulate strong answers to questions you might not anticipate. Remember you are selling yourself so practice being a great salesperson.

 

Follow up: Follow up on all leads as soon as possible. If you don't, your competition may. Try and fallow up at least once to twice a week. You want to stay fresh in their mind and at the same time show how much you want the job. And, following an interview, always send a thank-you note the same day.

 

Keep your head up: Looking for a job can feel like a job in itself.  Don't let it get you down. With patience and hard work, you will find the right job.

 

Last but not least: Dress the part! Always dress professional. Now, you may not want to wear a 3 piece suit when applying for a position as a forklift operator but at the same time never apply or ask for an application wearing shorts, T-shirts,  flip-flops...and so on. Be well groomed, wear nice clean cloths and always remember that you only have one opportunity to make a first impression.