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| *Loan,banking and credit>>>tax calculation |
I am working as a consultant in a private company.Do my tax calculation will be different from regular employe |
I am working as a consultant in a private company.Do my tax calculation will be different from regular employe No, you compute your taxes as a self-employed individual. This means that you attach schedule C and schedule SE to your return. In addition, one-half of your self-employment tax, 100% of your health insurance premium and any pension or retirement plan contribution you make are all deducted on the fron of your return to arrive at adjusted gross income. From this point you compute your taxes the same as anyone else. Good Luck! Tax will be calculated the same. The one big difference is that instead of you paying half of the social security and medicare taxes, and your employer paying the other half, you have to pay the full amount. Also, when you work as a consultant, they do not withhold taxes. Instead, it is up to you to make sure that you have taxes paid in through estimated tax payments. |
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