Do i have to pay tax if i work as a tutor online?
Schedule C and the SE of your 1040 income tax return self employed independent contractor for this purpose and time in your life. Use the search box at the www.irs.gov website for What is Small Business Filing Season Central? Small Business Filing Season Central is your one-stop assistance center for filing your business returns. http://www.irs.gov/businesses/small/arti... Business Expenses Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. http://www.irs.gov/businesses/small/arti... To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary. It is important to separate business expenses from the following expenses: Filing and Paying Your Business Taxes Information about which form you may be required to file, where to send your return, and how to pay your business taxes http://www.irs.gov/businesses/small/arti... The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes. Estimated tax Generally, you must pay taxes on income, including self-employment tax (discussed next), by making regular payments of estimated tax during the year. For additional information, refer to Estimated Taxes. For additional information, refer to Employment Taxes for Small Businesses. http://www.irs.gov/businesses/small/article/0,,id=172179,00.html Hope that you find the above enclosed information useful. 09/30/2012
How do I start paying income tax in Singapore?
Well, actually you will have to pay tax when you’re receiving income. Whether you have CPF contributions or not.Classic examples will be private tutors in Singapore. They are self employed and does not have CPF contribution. There are ni tracked records of their income, and it is so easy “not to pay tax”.However, bare in mind, Singapore government is not stupid. They can find ways to audit you. Read this: Taxman checks on tutors, claws back $2.3 millionScary? Yeap.Anyway, i chanced upon this infographics on a home tuition portal: Do Full Time Private Tutors Need To Pay Tax? (Infographics) | Einstein Tuition Which explains how to pay tax as a private tutor, with step by step instructions. The article is written for private tutors, but paying tax is the same as anyone. So you still have a look at it.Pay your tax people.
I am a stay-at-home who tutors children part-time and I pay my son for helping with the business; can this compensation be considered taxable income that he can put into a Roth IRA account if I do not have an official business?
If you report the money as income to your son on a 1099 or W-2, then it can be used as income for a Roth IRA. If you are not reporting the money and paying appropriate wage taxes on it, then it cannot be used and you could also be in trouble with the IRS.
I am a private tutor, Do I have to pay taxes?
Hopefully, you're not an English tutor. You are considered self employed so you have to file a tax return if you made more than $400. You will need to use the standard Form 1040, not the abbreviated versions (1040A or 1040EZ). Schedule SE is used to calculate your self-employment tax which will be approximately 14.1% of your SE income. If you are under the age of 24 and a full-time student, you are considered a dependent of your parents unless you have earned income sufficient to support yourself. As a dependent, you may make up to $5,700 this year without owing federal income taxes. The state rules differ. If you will owe more than $1,000 in taxes for the year, you would likely need to pay estimated taxes on a quarterly basis as well. I hope this helps. Gary
Am I a nanny or a tutor? Does it matter tax-wise?
You probably are an employee of the taxpayer that you working for as this NANNY TUTOR, ETC since you do work in the taxpayer house at under the directions of the taxpayer RIGHT. Publication 926 (2011), Household Employer's Tax Guide http://www.irs.gov/publications/p926/ind... http://www.irs.gov/publications/p926/ar0... You have a household employee if you hired someone to do household work and that worker is your employee. The worker is your employee if you can control not only what work is done, but how it is done. If the worker is your employee, it does not matter whether the work is full time or part time or that you hired the worker through an agency or from a list provided by an agency or association. It also does not matter whether you pay the worker on an hourly, daily, or weekly basis, or by the job. Example. You pay Betty Shore to babysit your child and do light housework 4 days a week in your home. Betty follows your specific instructions about household and child care duties. You provide the household equipment and supplies that Betty needs to do her work. Betty is your household employee. Household work. Household work is work done in or around your home. Some examples of workers who do household work are: Babysitters Caretakers Cleaning people Domestic workers Drivers Health aides Housekeepers Maids Nannies Private nurses Yard workers Workers who are not your employees. http://www.irs.gov/faqs/faq/0,,id=199649...
How are private tutors taxed by the government of India?
just like any other business for the sake of income tax.if your turnover exceeds Rs. 9 Lacs, you need to get registred for Service Tax as well. Your services will be charged under Private Tutor services.Above is the ideal situation, rest this is India Sir, this ia Only one business, there are n no. of business in which people do not disclose actual income. Govt can raid, in case they have any information. You can also give info to IT Dept, if you know someome is having untaxed money, infact you will get certain percent of Tax recovery (not sure how much, but most probably 10%) as your reward for the info.for professional help, you can contact me @ mandowara.ansh@gmail.com
How income from taking pvt tuition classes may be shown in Income tax return?
You can file Form ITR-1 and show your income under the head Income from other sourceTrust this clarifies your queryIn case you need help reach out to us: Dsssvtax[at]gmail[dot]com and we can help you on taxation matters.You can also call /whatsapp us : 9052535440.
2014 tax return still processing?
Sorry I'm still processing and my ss ends with 00 Your theory doesn't hold true
My wife is giving home tuition and I want to show that income in income tax return. Where should I show that? Does she need to pay GST on that amount?
If you are a salaried employee, then you can add that amount in “Other Income” column.On the other hand get a PAN number in your wife's name.She can fill her own ITR and shoe the income as other income.She need not get a GST account if her total turnover is less than the GST limit.If her annual income is less than Rs 2.5 lakhs she does not have to pay Income Tax.