Google Adsense Self Employed Taxes Helping You Know Your Responsibilities

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Estimated Tax Payments: If you are a sole proprietor, a partnership, or a shareholder in a Sub-chapter S corporation, you are considered self-employed. Since you don’t have an employer deducting taxes from your pay throughout the year, you are responsible for making advance payments of your estimated federal income tax. Estimated tax payments are due quarterly – on April 15, June 15, September 15, and January 15 – and are filed on a Form 1040-ES. At the end of the tax year, you will file a final Form 1040 with a Schedule C, which itemizes your business expenses for the whole year.

To avoid underpayment penalties – which are substantial – individuals whose adjusted gross incomes were under $150,000 need to have paid at least 100 percent of their prior year’s tax bill. People whose incomes were over $150,000 need to have paid 110 percent of the amount they owed in the prior year.

It’s in your interest to make your estimated tax payments during the year. This system also keeps you from owing a large sum of money all at once, which can be overwhelming. If your state of residence has income taxes, as most do, you will have to make estimated tax payments throughout the year for state taxes as well.

2. Self-Employment Tax: Your estimated tax payments will also include the federal self-employment tax – Social Security and Medicare. If you were employed by someone else, your employer would pay half of your Social Security and Medicare and the other half would come out of your paycheck. Self-employed people must pay the full amount themselves; however, 50 percent of the self employment tax is deductible on the 1040 form.

What if you are a salaried employee and you operate a home-based business as a sideline? In this case, you’ll be filing both the usual Form 1040 and a Schedule C for your home business deductions; you may also have to pay additional self-employment tax. No matter how little your sideline income is, you should be aware that it is subject to tax – although by taking advantage of the home-office deduction, you may find you owe little or no taxes.

3. Employment Taxes: Home-based workers who employ others must comply with many additional tax requirements. IRS Circular E, Employer’s Tax Guide, covers the federal regulations, and your state tax agency can inform you of state requirements for employers with regard to income, state unemployment, and workers’ compensation taxes.

If you employ your children or grandchildren, their earnings are deductible. Family businesses do not need to pay Social Security or unemployment taxes on minor children, and the children pay no income taxes on the first $3,000 of earned income. To substantiate this claim, keep time records of their work (the records will be more believable to the IRS if a non-relative keeps them), note the work done, and pay family at the rate you would pay a non-family member for the same work.

4. State and Local Taxes: Depending on where you live, you will face a variety of state and local tax requirements. All but nine states (Alaska, Wyoming, Nevada, Florida, Tennessee, South Dakota, New Hampshire, Texas, and Washington) have state personal-income taxes. But even those may have taxes on business. For example, Florida levies an income tax on corporations. Some cities, like Kansas City, have earnings taxes apart from the state income tax; others have unusual taxes on business. New York, for example, taxes unincorporated busines

Offshore Drilling Employment Your Cover Letter Must Have These 3 Elements

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Both your cover letter and your resume are important when looking for offshore drilling employment. You need to get HR to read both, otherwise it’s all for nothing. First, you need to attract their attention. This is easy – your email (cover letter) subject just needs to state the job title (and code, if any) in the advertisement. Then your cover letter must make them read your resume. Finally, getting you the interview is the job of your resume. For your cover letter, here are three elements necessary to make it powerful…

1. Do You Have Any Relevant Job Experience?

If you had one working week to select 20 candidates out of 500 for interviews, and all you had to go on was their cover letters and resumes, how would you do it? Whether you start from the earliest job applications, or the latest, or randomly open the emails, you would not read every cover letter and resume in detail. When you open the email (cover letter), you’ll only have time to look at the first half-page. It must give you a reason to read on and open the candidate’s resume, otherwise you’ll just move the job application to your trash folder.

So what makes the HR staff decide whether or not to read the rest of your cover letter and resume? The most important factor is relevant job experience. Unless you are going in through the back door, or the company is desperate for workers, your previous job experience is critical to selection. That means you must quickly and concisely state the most relevant points in your job history and tie it to the scope and requirements stated in the job advertisement.

But what if you have never worked in the oil industry before? During the oil boom, experience didn’t matter. But that is not the case during a recession. However, there is still a chance if you can get some relevant training under your belt. Oil is of strategic importance to many nations, and governments have training programs in place to provide workers for the oil industry. While the actual training may take place in technical or community colleges, the syllabus is designed by the oil industry.

Training can be expensive, but the oil industry still pays very well, so it is worth it. Before you pay for your own training, though, you should check if qualify for any form of subsidy. For example, disadvantaged youths in the US may qualify for the JobCorps program, while ex-servicemen in Britain have special training programs to prepare them for offshore oil rig jobs.

2. Do You Have Any Outstanding Skills?

Besides meeting the scope and requirements of the advertised oil rig jobs, is there any other thing that might make you special? Do you exceed the requirements in any way? For example, if the advertised roustabout jobs say they need people with 2 years of working experience, do you have 5 years? If you can add this kind of depth, and successfully make your case in the cover letter, you’ll have a better chance of getting hired.

However, depth is not the only way. How about breadth? Do you have any extra skills? Let’s take that same roustabout job. Perhaps you have scaffolding experience? Then say so. Companies always want people with some extra skills, as long as they don’t have to pay for it. Every boss wants his workers to be able to back each other up. He cannot afford to have critical jobs left undone just because the only guy who can do it broke a leg or something like that.

3. Can You Start Work Immediately?

Being able to start work immediately is always a strong point in your favor. If you can start work immediately, you can sometimes trump a rival with better experience. However, this does not just mean not having a job right now. You need to clear a lot of red tape before you can work on an offshore oil rig. If you have already dealt with the necessary paperwork, this saves the human resource staff a lot of trouble and they will be more willing to call you up.

While they aren’t supposed to behave this way, they are also human. In any case, this is a list of government paperwork you often have to deal with:

Firefighting certificate

First aid certificate

Helicopter underwater escape training certificate

Offshore survival certificate

Vaccinations

Passport

Visa

Relevant local union membership(s)

There is no fixed format for a cover letter. Neither is there such a thing as a perfect cover letter for offshore drilling employment. However, one thing is clear – your cover letter must have the above three important elements to persuade HR to read your resume.

Physician Employment Opportunities For Those Who Don’t Want to Retire

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It is said the the retirement times are the golden days in one’s life. But there are many who thinks otherwise. A love for the profession and the zeal to be independent and on their toes often irks people when they count the days of their retirement. Well, this might have been earlier but no longer now. Now there are opportunities to work as locum tenens or take up positions with hospitals and healthcare organizations as per as your preference. Yes, this is possible now. What you just need to do is make up your mind and start applying for physician employment opportunities that comes your way. A good number of companies are helping in this regard by providing a simple job search solution. They have a website where you can register and upload your updated resume for the employer’s perusal. You as the candidate have the liberty too to apply for your choice of opportunity available across various places in the US.

This kind of physician employment opportunities is a welcome change in modern times. For those who are ready to give it a try, this opportunity is free of any burden. This is a total independent opportunity without any kind of bindings on the person. The physician does not have to be grounded to any single healthcare organization or hospital or pay any kind of office overhead charges.

Locum tenens physician employment opportunities come with a certain degree of flexibility. One is that you are your own ruler. The terms of your employment are decided only by you. It is upto you to choose the organization with whom you want to work and the time period as well. This way you get to work with various organizations and make your work profile diverse. This also helps you to find job satisfaction and grow in your profession as well.

Being a part of an independent work profile also helps physicians to make considerable savings on tax deductions. Since you practically work as an independent professional, you can enjoy unreimbursed travel expenses, journal subscriptions and medical license application to mention some.

Opting for such physician employment opportunities is a first step to a retired life which might not be too far behind. Starting early helps as many who have all their lives worked with a single organization, are not aware of the ropes of an independent livelihood. Taking up locum tenens jobs now and then sort of gives a glimpse in what kind of life they could lead post retirement. Plus, the financial benefits are not bad while taking up these without any binding commitments. It totally depends upon you how you manage your finances and how much you can take on your plate.

For those who think that working as independent physicians means lack of commitment, are wrong. Rather, it is the other way round. Not linked to any healthcare organization or hospital means that you have to take responsibility of your own actions, both good and bad. Since you are on your own, no one is stand up for you in troubled times. Considering the fact that all professions come with some kind of high and low, physician employment opportunities as such are not a bad call. Rather if you have the confidence, you can actually be a succesful, confident and independent practitioner without the retirement bug ever biting you.

Hiring A Professional Pre Employment Background Screening Company – Advantages For Human Resource

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With increasing competition in job market, there is also an increase of fake credentials and forge documents provided by the candidates to get a higher position. These types of candidates not only deprive of the right of other candidate who have the original credentials, but also dangerous for the company itself. Therefore, the importance of pre employment background screening has been increasing with every single day.

Background screening of an employee is primarily a work of Human Resource department of a company. But most of the companies hire professional background screening companies to do the task for them. There are several good reasons for hiring a professional company. We will discuss few of them in little detail.

First and foremost reason for hiring a professional screening company is that, if a screening company is good, it will certainly have years of experience in employment verification, criminal background screening, educational document verification and so on. Hence, these companies can screen the background of a candidate far better than the in-house screening done by the human resource department.

Another good reason for hiring a professional background screening service provider is that they do it very fast. A first priority of any HR department is to complete the hiring process as quickly as possible. And if HR gets involve in screening of a candidate, the task may get slow because of other human resource related course. It can become a hassle for HR and for candidate both. So HR prefers to hire a background screening company do the process fast.

Furthermore, cost saving is one thing that make a company to hire screening company. If HR does it by itself, it will need in-house professionals to do the screening of candidates. Means company has to pay these professionals to do the screening, other costs are also involved. On the other hand, HR finds services of background screening companies cost effective. The reason of cost effectiveness is that these companies already have established networks; they are specialized in their work. They find no hassle in doing background screening of an employee anywhere in the world, and hence become cost effective.

Conclusion

Pre employment background screening is one most important task which no company wants to overlook. But this work needs specialization, and background screening companies usually have years of experience and are specialized in executing the task efficiently. Therefore, HR department should think about hiring a good background screening company before establishing an in-house section for screening of a job candidate.

Discover How To Get A Car Loan If Your Score Is 480

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In this article I’m going to share with you how to get a car loan, even if you have a low credit score. The information in this article might be the only information you will need to learn, so you will know how to get the bank to say yes to your car loan. So, let’s get started and get you on your way to driving that car you need and want.

Auto lenders look at more than just your credit score when considering making you a loan. They look at your entire financial picture, including income, the debt you owe, monthly payments and credit history before making the decision to approve or decline a loan. Before you go out and apply for a loan, make sure that your employment history, credit, income and address information is acceptable, based on what the lender is looking for.

If you have sufficient employment history and income, a lender may approve your loan even with a low score.

Here’s What Lenders Are Looking For:

Employment and Address History: Have at least two years of employment history and address history at the same job. The longer you have been at your job and the more money you make, the better chance you have of getting the approval on your auto loan. However, if you have had several jobs and moved from one residence to another and have low income, it’s going to be tough getting approved for a loan. You should also have enough income every month, to cover all your monthly debt. If your debt is high and close to or over your income level, a bank will decline the loan.

Vehicle Value: The lender calculates the vehicle’s value by the year, make, model, options and miles on the car you are looking at purchasing. Based on your credit history and score, the lender will approve a percentage of that value as the loan amount. If you have poor credit you will need to come up with a larger down payment. You may not be able to get the entire amount of the loan that you applied for, because of a low credit score.

What You Can Do:

Pull your credit history. Know what your score is before you apply for a loan.

Save some money for the down payment. If you have things around your home that you aren’t using, consider selling them and use the extra cash for the down payment. The more money you put down, the better chance you have of getting the loan.

Choose a car based on what you can afford, not on the latest style. When you have bad credit you can’t be picky on the finance terms or the car. Dealers who offer programs for people with poor credit have cars that will fit the program for the lenders approval.

Don’t worry about having to pay a higher interest rate right now. Provided you make your payments on time, you can usually refinance for a better interest rate and terms within 12 to 24 months. Remember you are rebuilding your credit and it takes time to get it back up in the higher scores.