| Hello. I am depressed after I came from a CPA tax agent but as my friends told me its not possible that I could pay such taxes. I would be really grateful if someone could help me with my tax math. Let me get you into my situation.
- I am 24 years old
- I live in New York - LI
- I started an S-Corp this year so I am a self employment,
- I get the 1099 form from the office that im working for,
- I have a spouse who does not have SSN-just ITIN, no income
- My income is 29k after deductions such as fuel, insurance etc., ======>>>>>>>>since your biz form is an S corp, your client may not send you a 1099;however, if you received it in your name, then,
You will have to report it on your personal tax return on Sch C. If you deposited it into your S corp bank account, it will be counted as income twice. You can expense it on your Sch C and net to $0 since it included in your corp income.
In the future, you may provide your S corp name and federal ID# to insure that the income will be reported as corp income rather than personal income.note; You can report the 1099-Misc on your S-Corp return. To avoid a notice on your personal return you can enter the 1099-Misc on your personal return and an expense in the same amount. Alternately, you can leave the 1099-Misc off of your personal return. You may get a notice from the IRS, but you can respond to the notice to let the IRS know that the form was issued to your SSN by mistake and was included in income on your S-Corp. You will want to include some details about your S-Corp like your EIN and amount of reported income.
In the meantime give your client a call and ask her to please update your information so you do not need to deal with this every year
- I am still on Medicaid health insurance but it ends in one month
- My annually living costs are about 28k so I am using all the income that my business makes,
So I end up with $0 every month, now as my taxable income is $29k I will lose my insurance so I wont be able to pay for health insurance which is over $300 monthly. I still have to pay tax from the $29k. As the agent told me I have to pay tax for Social/Medicare - 15,3%, Federal - 15%, NY State -5%, I dont think its true.===I guess you must have set up your biz as an S corp due to the fact that you avoid paying self employment tax ;unlike a C corp, your S-Corp is a "pass-through" entity, meaning that it does not pay any income taxes on the corporate level. Instead, it passes the income tax responsibility on to you, an employee and shareholder on W2. The S corp?s ordinary income flows through onto your personal return (1040). This is accomplished by preparing a Sch K-1 tax slip that indicates the amount of net income and other relevant information that is reported on your personal return. That's how a typical S-Corp works.
So,Unfortunately it is true as an owner of an employee of your biz that is an S corp, you are liable for fica taxes, I mean Social security and Medicare taxes and income tax withholding UNLESS you have no income from the S corp at all.
But I end up with no money to pay it, of course I have family who could help but what kind of life is that...
So my question is - Will I lose my Medicaid ins? How much tax will I have to pay? ======>basically as you can see, your Medicaid eligibility is based on many different requirementsyou?re your personal status changes while on the program you could possibly lose eligibility;but If your state implements the Affordable Care Act's Medicaid expansion, you are eligible for coverage if your income is up to 138 percent of the Federal Poverty Level. If your state doesn't implement the Medicaid expansion, you can lose coverage if you don't fall into one of the national Medicaid categories; While earning more money or otherwise receiving more income is generally a good thing, it can mean that you're no longer eligible for Medicaid. The key is your income and your state's eligibility standards. Those standards are reflected in either monthly income or a percentage of the FPL for the number of people in your family. For example, as of 2014, a single adult in California is ineligible once her monthly income exceeds $1,293, while a single adult in Wisconsin can't have a monthly income in excess of $924. In 2015, 29 states set Medicaid eligibility levels for parents -- and other adults -- at 138 percent of the FPL. As of 2015, that was $16,243 for a single adult.So you need to contact your state for your Medicaid issue and for accurate advice from your state.
Does my income deduct if my spouse does not have SSN?
=========>Sorry no; you can not deduct even if your spouse has no SSN. The fact that your spouse has only ITIN has nothing to do with your tax deduction.
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