➡I accidentally bought Balut eggs: 2 live ducks! Now a Chat Thread!

[R2elk]

And I never even thought about Medicare or social security or came across that in my research so that’s really helpful and seems to be a real concern.

Social Security and Medicare withholding rates

Currently Social Security is 6.2% for the employer and 6.2% for the employee or 12.4% for the self employed and 1.45% or 2.9% for Medicare taxes.

These percentages are on the gross income. For social security the tax stops after $132,900.00.

 

[ShrekDawg]

File a tax return this coming year....report everything you've made this year and you will find out how much SS/Medicare taxes are when you see the bottom line...of how much you owe.

How much have you made so far this year?
I'll do the math for you right now.

You either make estimated payments 4 times a year to the IRS or pay it all at once.

Thanks, this is helpful.

I’m not sure how much I’ve made this year. I would have to go look at everything. But I think sometimes I also deposited some non dog money at the same time.

I should probably make a separate business account maybe.

I do know that this month I’ve made like $600 just from the dogs but last month I made probably only like $200. I’d have to look and see for the rest of the year. I know I’ve done a few sitting jobs for like $150 each usually, I have the exact dates and amounts written down somewhere I think.

I need to get more sitting jobs. I make the most money there.

I do know I have like almost $6K in the bank and most of it is from dogs. Some of it is from birthdays, holidays, and graduation, but a lot is dogs and I only made the account last September.

 

[ShrekDawg]

He's dumb.

Isn’t he!? So sweet too! Libby and Franklin are less than thrilled, especially Libby, she was a real B at first, but they’re getting there lol

 

[Kiki]

Thanks, this is helpful.

I’m not sure how much I’ve made this year. I would have to go look at everything. But I think sometimes I also deposited some non dog money at the same time.

I should probably make a separate business account maybe.

I do know that this month I’ve made like $600 just from the dogs but last month I made probably only like $200. I’d have to look and see for the rest of the year. I know I’ve done a few sitting jobs for like $150 each usually, I have the exact dates and amounts written down somewhere I think.

I need to get more sitting jobs. I make the most money there.

I do know I have like almost $6K in the bank and most of it is from dogs. Some of it is from birthdays, holidays, and graduation, but a lot is dogs and I only made the account last September.

Put 20 percent away immey for taxes and then come then end of the year you'll already have the money set aside to pay.

That is the easy way to do it.

 

[Kiki]

Social Security and Medicare withholding rates

Currently Social Security is 6.2% for the employer and 6.2% for the employee or 12.4% for the self employed and 1.45% or 2.9% for Medicare taxes.

These percentages are on the gross income. For social security the tax stops after $132,900.00.

Kdog this means you will owe 15.3% of what you make period.
Save 20%.
Trust me.

 

[ShrekDawg]

Kdog
If you made 10,000 this year you are paying in no less than 1530.

Social Security and Medicare withholding rates

Currently Social Security is 6.2% for the employer and 6.2% for the employee or 12.4% for the self employed and 1.45% or 2.9% for Medicare taxes.

These percentages are on the gross income. For social security the tax stops after $132,900.00.

Thank you both!! This is really helpful. That’s a lot

I don’t think I made close to 10K but idk, maybe I did. @Texas Kiki is that 1500 number all the taxes or just the Medicare and social security stuff?

 

[Kiki]

Thank you both!! This is really helpful. That’s a lot

I don’t think I made close to 10K but idk, maybe I did. @Texas Kiki is that 1500 number all the taxes or just the Medicare and social security stuff?

Just the important big taxes...the SS and Med

 

[ShrekDawg]

Put 20 percent away immey for taxes and then come then end of the year you'll already have the money set aside to pay.

That is the easy way to do it.

Kdog this means you will owe 15.3% of what you make period.
Save 20%.
Trust me.

Thanks. This is really helpful. I should start doing that. And I should also probably start writing down all the check amounts or something.

 

[ShrekDawg]

Just the important big taxes...the SS and Med

Thanks. Wait.... so I have to pay even more than that!?

And wait... if I did Rover... they take 20% and then the government takes 20% too!? So that’s 40% right there. And that’s only the federal, I assume the state would take taxes too???? So call it like 50%..... OMG!!

I’m thinking Rover is not the best option after all haha

Cause 50% of what I make is just highway robbery

At least if I did it independently, it’d maybe only be like 20-30% instead of literally half.

 

[mixedUPturk]

Thanks. Wait.... so I have to pay even more than that!?

And wait... if I did Rover... they take 20% and then the government takes 20% too!? So that’s 40% right there. And that’s only the federal, I assume the state would take taxes too???? So call it like 50%..... OMG!!

I’m thinking Rover is not the best option after all haha

Cause 50% of what I make is just highway robbery

At least if I did it independently, it’d maybe only be like 20-30% instead of literally half.

If they take 20 theyre probly taking half to pay as an employer.

Thanks. This is really helpful. I should start doing that. And I should also probably start writing down all the check amounts or something.

I keep a log of every single chicken and egg sale i make. I know they havent quite covered expenses yet much less made enough to make it reportable.