Author Topic: any accountants out there that i can ask a question?  (Read 490803 times)

Offline MC

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Re: any accountants out there that i can ask a question?
« Reply #200 on: April 06, 2014, 09:57:38 PM »
Got paid as an independent contractor with a 1099 but the firm said they'll reimburse me for whatever additional tax I paid over what I would have had to pay as an employee receiving a W2. What exactly is the difference rate-wise? (Ie how can I figure out how much more I paid in taxes?)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #201 on: April 06, 2014, 10:00:19 PM »
Got paid as an independent contractor with a 1099 but the firm said they'll reimburse me for whatever additional tax I paid over what I would have had to pay as an employee receiving a W2. What exactly is the difference rate-wise? (Ie how can I figure out how much more I paid in taxes?)
To start, you pay FICA of ~7.5% that your employer should pay.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #202 on: April 06, 2014, 10:06:16 PM »
Ok, any of you tax geniuses know what NY form you file if your spouse lived in NY part of the year and has NY source income from then, but moved out of NY in middle of year?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #203 on: April 06, 2014, 10:10:43 PM »
I think you first have to figure where her main state of residency is. Then you file for the other states and deduct on the main one. ?
http://www.tax.ny.gov/pit/file/pit_definitions.htm

Offline MC

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Re: any accountants out there that i can ask a question?
« Reply #204 on: April 06, 2014, 10:14:42 PM »

To start, you pay FICA of ~7.5% that your employer should pay.
Thanks! Just making sure I understand, say in theory I made $100, when I filed I paid $7.50 that my employer technically should have paid? Are there any other taxes that should be paid by the employer and not the employee?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #205 on: April 06, 2014, 10:16:14 PM »
Thanks! Just making sure I understand, say in theory I made $100, when I filed I paid $7.50 that my employer technically should have paid? Are there any other taxes that should be paid by the employer and not the employee?
Fica is usually the main issue. If you wanted to get the EIC, being a 1099 will do you serious damage.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #206 on: April 06, 2014, 10:18:27 PM »
I think you first have to figure where her main state of residency is. Then you file for the other states and deduct on the main one. ?
http://www.tax.ny.gov/pit/file/pit_definitions.htm

Let's talk through that.

domicile is MA; maintained home in NY for less than 11 months. So nonresident.

But is that a part  year resident?

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #207 on: April 06, 2014, 10:20:04 PM »
Thanks! Just making sure I understand, say in theory I made $100, when I filed I paid $7.50 that my employer technically should have paid? Are there any other taxes that should be paid by the employer and not the employee?
its 7.65 not 7.5

Offline avrumy

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Re: any accountants out there that i can ask a question?
« Reply #208 on: April 06, 2014, 10:20:46 PM »
Let's talk through that.

domicile is MA; maintained home in NY for less than 11 months. So nonresident.

But is that a part  year resident?
correct. U file part year for each. Assuming u r using a software it will ask u the exact date u switched residency. It should then calculate the sourced income automaticly.
« Last Edit: April 06, 2014, 10:29:22 PM by avrumy »

Offline yankelsheester

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Re: any accountants out there that i can ask a question?
« Reply #209 on: April 06, 2014, 10:21:02 PM »
If I opened a corporation in 2013
But so far didn't do any transactions with it.

Do I need to file anything?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #210 on: April 06, 2014, 10:23:20 PM »
Let's talk through that.

domicile is MA; maintained home in NY for less than 11 months. So nonresident.

But is that a part  year resident?
Maybe check here: http://www.tax.ny.gov/pdf/2013/inc/it203i_2013.pdf

Also there:
Quote
Joint filing exception for some married taxpayers
If you are married and filing a joint federal income tax return
but one spouse is a New York State resident and the other
is a nonresident or part-year resident, you are required to
file separate New York State returns. The resident must use
Form IT-201, Resident Income Tax Return. The nonresident or
part-year resident, if required to file a New York State return,
must use Form IT-203. However, if you both choose to file a
joint New York State return, use Form IT-201 and both spouses’
income will be taxed as full-year residents of New York State.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #211 on: April 06, 2014, 10:27:05 PM »
Right, but in my situation, I have one nonresident and on part year resident.

Problem is turbo tax is entirely unable to deal with the notion of one spouse being a resident and one spouse not.

Offline 12HRS

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Re: any accountants out there that i can ask a question?
« Reply #212 on: April 06, 2014, 10:28:15 PM »
Doing my tax returns. Got married mid year, and one or more of us switched states.  Finally understand why I bill so much.

Obviously you bill so much b/c if you billed less you wouldn't have time to file before OCT

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #213 on: April 06, 2014, 10:35:57 PM »
Right, but in my situation, I have one nonresident and on part year resident.

Problem is turbo tax is entirely unable to deal with the notion of one spouse being a resident and one spouse not.
https://ttlc.intuit.com/questions/1901214-how-do-i-prepare-a-joint-federal-return-and-separate-state-returns

Offline ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #214 on: April 07, 2014, 01:21:19 AM »
Got paid as an independent contractor with a 1099 but the firm said they'll reimburse me for whatever additional tax I paid over what I would have had to pay as an employee receiving a W2. What exactly is the difference rate-wise? (Ie how can I figure out how much more I paid in taxes?)
If you're using TurboTax or equivalent,  plug it in as a 1099.  Then plug it in as a W-2.  Then you can see the difference.
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Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #215 on: April 07, 2014, 02:53:15 AM »
Right, but in my situation, I have one nonresident and on part year resident.

Problem is turbo tax is entirely unable to deal with the notion of one spouse being a resident and one spouse not.

You are charging as a lawyer and are using Turbo Tax ;)
Get a professional software or have someone who has professional tax preparer software to do it.
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Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #216 on: April 07, 2014, 02:58:33 AM »
If I opened a corporation in 2013
But so far didn't do any transactions with it.

Do I need to file anything?

Yes
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #217 on: April 07, 2014, 12:04:15 PM »
So apparently the credited response is to file married separately in both states.

Which seems unfair that I don't get the benefit of my married status, if only at least on the money I earned after married (all of it).


Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #218 on: April 07, 2014, 12:26:28 PM »
So apparently the credited response is to file married separately in both states.

Which seems unfair that I don't get the benefit of my married status, if only at least on the money I earned after married (all of it).
you prefer NY tax your earnings??

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #219 on: April 07, 2014, 01:08:22 PM »
you prefer NY tax your earnings??

They shouldn't be able to do that, since it isn't NY source and I'm not a resident.

But in any event, the states both have setoffs for foreign state tax, and I think the rates are similar.