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California online Form 1040-SS: What You Should Know

Sep 30, 2024 — California residents who work outside of California but do not live in California file 1040s. You also file a 1040-SS if: You pay income tax to the country that issues your California tax return. You're a resident of Puerto Rico and Puerto Rico Resident Estates. Tax Information for Self-Employed Individuals The following are additional income tax tables for self-employed individuals. This tax may apply to: A business or its owners, or the owner's authorized employees You may also need a 1031 exchange. The tables provide information on California tax payments.  Individuals who are self-employed can deduct the following from their income in order to be eligible for the self-employment tax rate. Business Entities' 10% Tax Rate  Individuals who are self-employed may deduct the applicable business expenses and business taxes from their Gross Domestic Product (GDP). There also are different thresholds for self-employed people who will be exempt from the self-employment tax for the year. If you're a Self-Employed Businessperson and Pay Tax in the States As a self-employed businessperson you have both the self-employment tax return and tax payment obligations under tax code section 26-7, also known as the self-employment tax on net earnings. Here are some questions for questions that may arise under tax code section 26-7. Do I have to file the 1040-T if I pay California sales tax to my local government? Should I file it for a state tax in California? What if I work for less than the minimum number of hours required by California law for payment of tax? The U.S. tax code section 26-7 specifies how to handle payments and payments for taxes that are not paid due in full. The code section says that the failure to pay taxes due is a cause for an IRS enforcement action — an arrest. Under the Code section 26-7, the failure to pay taxes after the 30th day of the month is a cause for a failure to claim a credit — an administrative examination for a fee. If you have any questions about these topics, please call, Monday through Friday, 8 AM to 8 PM PST. Your questions will be answered by a certified professional or agent of the IRS who is an accountant, CPA (and/or income tax preparer) or tax specialist.

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