| Author | Message | ||
     Blackday063013 Comedian Username: Blackday063013 Post Number: 1888 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
Thanks vasu..if i need any help, i will e-mail you Chiru fan(movies) | ||
| Vasu Comedian Username: Vasu Post Number: 1196 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
I don't know that you can go with dual option like this bhayya. I went with S Corp anthe. You can always check with CPA for better opinion. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1887 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
ante naaku location constraints kooda unnayi for personal reasons..so, general ga time padutundi eppudu..e time lo inka kastam anukuntunaanu..i will try Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1886 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
Thanks..I am in Florida. I am just trying to get info...I will definitely contact you if i need any help. I was thinking to open LLC + S-corp taxation as many people suggested. Is it not a good option? Chiru fan(movies) | ||
| Vasu Comedian Username: Vasu Post Number: 1192 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
Surprisingly couple of my friends have told me that market is really good now and in fact 2 of my friends have started new this week. Try karne me kya jatha hai bhai? Go for the kill...... | ||
| Vasu Comedian Username: Vasu Post Number: 1191 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
Which state are you in? Mail me at vasu.ccdb at gmail..... I can refer you a CPA. | ||
| Vasu Comedian Username: Vasu Post Number: 1190 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
Go for S-Corp, LLC recommend cheyanu. It just takes a day to start if you have a right CPA. But for the client payroll, you need to get Federal EIN ki oka 1-2 weeks padutundi, some companies mandate for workers comp insurance and good standing certificate. Ivi anni oka 2 weeks minimum padtayi. Manchi peru decide chesuko first and reach out to CPA to get going. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1885 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
yeah...thank you.. oka last question.. is it setting up LLC + s-corp taxation easy?...emaina approvals kaavala?..1 week lo set cheyacha?. interviews attend avudhamani .. i know difficult now to get jobs due to year end..just trying to see Chiru fan(movies) | ||
| Vasu Comedian Username: Vasu Post Number: 1187 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
Andari jeevitalu ante la bhayya... late ga ayina veligindi santhosham ani manam munduki povadam anthe. Good luck | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1884 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
Thanks...a icons endukule babai..sagam jeevitham peanuts lo pani chesanu..ippude sudden gaa bulb eligindi so e direction lo alochistunaanu. Chiru fan(movies) | ||
| Vasu Comedian Username: Vasu Post Number: 1186 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
You have to run your own payroll in your company. Biggest advantage that you get with C2C is you can run solo 401K and contribute solid 35K per year. Employee limitation kinda 17K and employer match 1 to 1 kinda another 18k verari solid 35K in 401K full  | ||
| Vasu Comedian Username: Vasu Post Number: 1185 Registered: 10-2014 Posted From: 47.16.177.98 Rating: N/A |
On tax side nothing, but some request for quarterly returns. Also you need to take insurance on your company. I prefer C2C is best, check with any desi CPA don't become greedy by itemizing everything. Audits lekunda jagartha ga chuskunte C2C is the best option. Good Luck and All the best. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1883 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
evarikaina telusthe cheppandi.. Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1882 Registered: 07-2013 Posted From: 24.129.64.99 Rating: N/A |
inko question..for the company that's paying me does it matter on tax front if i am doing in 1099 / corp basis. I believe in both these case..i need to ensure i pay taxes to IRS correctly? The employer in these cases doesn't run payroll on my behalf..correct? Chiru fan(movies) | ||
| Bullabbai Junior Artist Username: Bullabbai Post Number: 125 Registered: 09-2013 Posted From: 155.63.0.254 Rating: N/A |
btw, start with the lowest option and upgrade as needed. There is no downgrade option if you start with higher. | ||
| Bullabbai Junior Artist Username: Bullabbai Post Number: 124 Registered: 09-2013 Posted From: 155.63.0.254 Rating: N/A |
This is not required. You can link any bank with QB, unless you want to try the free version and do the paper work manually.
I didnt explore this option, i try to use my business card so its all there in the statements. Its very comprehensive tool, so there must be something. Try a month for free, if you dont like, cancel it. | ||
| Bobby Junior Artist Username: Bobby Post Number: 183 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
thanks i will check in 2015 as I have to shift my account to Bofa for this. do they keep expenses receipts and downloadable at any time? | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1880 Registered: 07-2013 Posted From: 104.129.196.84 Rating: N/A |
Thanks..will search.. Chiru fan(movies) | ||
| Bullabbai Junior Artist Username: Bullabbai Post Number: 121 Registered: 09-2013 Posted From: 155.63.0.254 Rating: N/A |
For me QB handsdown the best. I was using their free version with BoA. But with that there is no online forms submission. You need to take printouts and send them. For convenience I choose to pay monthly service and do everything online. | ||
| Coolmac Megastar Username: Coolmac Post Number: 29276 Registered: 05-2007 Posted From: 65.170.103.234 Rating: N/A |
find a local desi CPA...they wil do it for cheap.. | ||
| Bobby Junior Artist Username: Bobby Post Number: 182 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
ok i use waveapps for my payroll only 9$ per month , not a great tool..but chaltha.... in waveapps there is no autmoatic IRS tax submission, I will submit tax to IRS directly using their online option based on waveapps calculation. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1879 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
one more thing..CPA's how to get contact them..can i go directly to HR&Block and ask them? Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1878 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Thanks again.. Chiru fan(movies) | ||
| Coolmac Megastar Username: Coolmac Post Number: 29273 Registered: 05-2007 Posted From: 65.170.103.234 Rating: N/A |
Yup..if u are going to be the only one or at max 2.. | ||
| Bullabbai Junior Artist Username: Bullabbai Post Number: 117 Registered: 09-2013 Posted From: 155.63.0.254 Rating: N/A |
yes, the service fee for Quickbooks to run payroll, generate forms and online submission. | ||
| Bullabbai Junior Artist Username: Bullabbai Post Number: 116 Registered: 09-2013 Posted From: 155.63.0.254 Rating: N/A |
Yes, that includes payroll and online submission of withholding money and Monthly/quarterly/yearly forms etc. Year end take the P&L and Balance sheet to a CPA. They may charge anywhere between 500 -750$. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1876 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Thanks..so..Corp to Corp lo you suggest LLC with S-corp taxation best kadha? Chiru fan(movies) | ||
| Bobby Junior Artist Username: Bobby Post Number: 181 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
bullabbai, Its couple of mouse clicks with QB; costs around 40$ per month. - what is this?? do you mean payroll cost per month? | ||
| Coolmac Megastar Username: Coolmac Post Number: 29268 Registered: 05-2007 Posted From: 65.170.103.234 Rating: N/A |
payroll kuda naa? and what about year end tax returns? | ||
| Coolmac Megastar Username: Coolmac Post Number: 29267 Registered: 05-2007 Posted From: 65.170.103.234 Rating: N/A |
C2C lo profit anedhi depends on ur company expenses, work expenses and what do u want to do with that money... for eg.. C2C meedha 150K teeskoni..motham W2 meedha run cheste..its as good as working on 1099... kani kontha mandhi 70K run chesi, oka 20K business expenses choopinchi... oka 40K solo 401K lo thosesi..migatha 20K profit antaaru.. oka vela travel job ithe nee work expenses will be more...so it depends on ur situation.. but as a rule of thumb, C2C is better anyday than 1099 or W2 in terms of money saving.. | ||
| Bullabbai Junior Artist Username: Bullabbai Post Number: 113 Registered: 09-2013 Posted From: 155.63.0.254 Rating: N/A |
Its couple of mouse clicks with QB; costs around 40$ per month. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1875 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Thanks..so..1099 lo extra approximate gaa $10/hour ekkuva compared to Corp.. Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1874 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Thank you..it's very clear..  Chiru fan(movies) | ||
| Coolmac Megastar Username: Coolmac Post Number: 29264 Registered: 05-2007 Posted From: 65.170.103.234 Rating: N/A |
flip side of C2C is paperwork, maintaining company, paying payroll taxes quarters to IRS, running payroll, maintaining expenses receipts..etc..etc if u are ready for that, go for C2C... | ||
| Coolmac Megastar Username: Coolmac Post Number: 29263 Registered: 05-2007 Posted From: 65.170.103.234 Rating: N/A |
Simpul... 1099 meedha business expenses choopinchalem... where as C2C ithe we can itemize and show some business expenses ... moreover, u have to pay and match payroll taxes(SSN,medicare) on all the amount u get on 1099... where as on W2, u just have to pay on the amount runs on W2.. remaining flat tax on company profit and take it at the end of the year.. | ||
| Bobby Junior Artist Username: Bobby Post Number: 180 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
yes, we can run payroll for LESS . But how much LESS is grey area of IRS with your skillset just check any H1 employee LCA, how much they are getting paid, and run for that amoun . you will be good For example if you get 100 per hour run for 70K salary. which means $35 per hour and include all these payroll taxes around $5. which comes to $40. for remaining $60 you can show business expenses, after expenses whatever left is profit and make tax payment on the profit it is called distribution to your company. in above example , you will pay Payroll taxes taxes only on $35 , not on $100. But I think in 1099 ( with my limited knowledge) you should pay self employment taxes 15% on total $100. dont get into hurry to negotiate with your employer/cpa, check with any CPA and make your mind, before you can talk to employer/client. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1873 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Can we do that by running less payroll?.. W2 lo chaala takkuva istunaaru based on my experience..I am trying to get Hourly W2 so that taxes is taken care by the company. if not, i am planning to opt for 1099/corp-to-corp with 1099 being the preference. Chiru fan(movies) | ||
| Bobby Junior Artist Username: Bobby Post Number: 179 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
not much explored on 1099 kani manam company petedhe...aa 15% self employement tax elimiate cheytaniki you cannot avoid full tax... if you register your company S-corp or LLC with S-corp taxation then you can REDUCE your selfemployment taxes by running payroll on your own for lesser amounts. better contact CPA before stepping into your own consulting... they will have better idea... LEGALLY you can save around $2K-$3K on 100K taxable amount if you go with your own company and running payroll for lesser amount instead of individually working on 1099 and paying self empolyment tax. just question ..why do you want to come out from W2 to 1099 consulting? i prefer W2 instead of going to 1099 consulting as I can get Health,Medical insurance from employer on discounted rate. | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1872 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Thanks for the explanation..company ledu..andukune 1099 anukuntunaanu. 1099 vs Corp-Corp(LLC) lo i think taxes same kadha..15.4%..so, i believe i can ask the similar rate. Suppose the firm calls me and says i will pay 120/hr on corp-to-corp..then can i say pay 120/hr on 1099 or should i add more than 120 to convert to 1099? Chiru fan(movies) | ||
| Bobby Junior Artist Username: Bobby Post Number: 178 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
On W2 employee pays only (SSN 6.2% +medicare 1.45%) which is equal to 7.65% but on Sefl employement you will pay ( 12.4% SSN tax + 2.95% medicare tax) ask minimum 15.4% extra on w2 , 20% is safe side....ekkadina calculation lo teda vunte...1 or 2 % buffer lo padi vuntadhi.. here is the synoposis on Self employment tax precisely "Self employment taxes are comprised of two parts: Social Security and Medicare. You will pay 6.2 percent and your employer will pay Social Security taxes of 6.2 percent on the first $117,000 of your covered wages. You each also pay Medicare taxes of 1.45 percent on all your wages - no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion. You will pay an additional 0.9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers, $250,000 for married filing jointly, and $125,000 married filing separate" do you have you own company? | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1870 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
actual..extra compared to W2..we will be paying 7.65% kadha on taxes. so..didn't understand 15% part in your post. and with no benefits like sick, insurance,health benefits..ok..so...$20/hr extra adugutaanu if they ask me Corp to Corp/1099 Chiru fan(movies) | ||
| Bobby Junior Artist Username: Bobby Post Number: 177 Registered: 04-2008 Posted From: 207.70.163.246 Rating: N/A |
Add 15% to W2 hourly rate to get Corp-Corp rate. 15% self employment is almost equals to W2 employer SSN tax 6%+ W2 empoloyee SSN tax 6% + some 3% medicare tax. if you need to take insurance (not medical) ,employer insurance then add 0.5 to 1% based on your limits | ||
| Legend Username: Twitter Post Number: 35680 Registered: 10-2009 Posted From: 198.240.130.75 Rating: N/A |
c2c oka 10% expenses add cheskoni adugu calculate here http://www.paycheckcity.com/calculator/salary/ | ||
| Rajin Side Hero Username: Rajin Post Number: 6458 Registered: 05-2012 Posted From: 63.250.254.2 Rating: N/A |
100 ki 120 anthe annai naaku telisnantha varaku... | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1869 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
lol..adhi yearly ne.. Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1868 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
naaku antha ledu..  i am trying to figure it out how much more/less i should ask if the firm asks me. Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1867 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
ante..120/hr(Corp-to-Corp) and same for 1099 right? Chiru fan(movies) | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1866 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
naaku raavatledu..pls serious..i want to try for a job next year..i worked in W2 till now.chaala peanuts salary naadhi. i want to give a shot..kaani idhi eppdu confusion naaku.. 100/hr(W2) ante 1099/corp-to-corp lo entha adagachu? Chiru fan(movies) | ||
| Rajin Side Hero Username: Rajin Post Number: 6454 Registered: 05-2012 Posted From: 63.250.254.2 Rating: N/A |
ante ninna meeru cheppindhi hourly annmataa  yearly anukuni janalu pisikesukunnaru W2 paina 20% antaaru c2c standard... | ||
| Gandhiguevara Legend Username: Gandhiguevara Post Number: 49458 Registered: 10-2009 Posted From: 192.231.133.254 Rating: N/A |
inko 10 to 15 yeskovachu anukuntaa | ||
| Lax Side Hero Username: Lax Post Number: 7511 Registered: 11-2013 Posted From: 164.144.248.26 Rating: N/A |
120/hr aa  Karimnagar Pawan Fan | ||
| Blackday063013 Comedian Username: Blackday063013 Post Number: 1865 Registered: 07-2013 Posted From: 69.174.58.116 Rating: N/A |
Hourly W2 = 100/hr equivalent to 1099 and CORP-TO-CORP(LLC) entha? 1099 = 115 - 120/hr(as i need to pay self employed taxes) Corp to corp = i think same as 1099 but might show little bit more in expenses = 110 - 115/hr is my calculation correct?..just approximate gaa adugutunanu. Chiru fan(movies) |
