We filed our joint taxes last February 20th. Before going to H&r Block, hubby and I knew that we won't get back an amount like we used to when he was in school and not working a job. I was shocked however of how much Social Security contribution I have to pay. Since I am a self employed, I don't pay my SS contribution until I file my tax. It's sad too because I don't think I will be able to enjoy social security when I am old enough because by then I assumed that SS will be broke and won't exist anymore. Oh well.
So after the deduction of taxes, we got back $409.66
- H&R Block fee - $496.37
- Bank Fee -$ 34.95
- State Tax - $138
- Self Employment tax (SS) - $1,578
- Self Employed Tax (Federal Tax) - $789
MOst of the online companies that I work with said that the third party which is the paypal, will be responsible for supplying the tax document (1099) we need. According to Paypal, they won't supply this doc unless we make $20k which I doubt I would since I don't hire any consultant to do some job haunting for me, what's the point? So my resolution to this is to print my monthly report from paypal, I would use for next tax season.
Alrighty, till next tax time. I gotta go to school today. See you later peeps. Thanks for leaving your trails through comments.