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Q: How do you calculate tax for contract work?
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net indirect tax = tax - subsidies


How do you calculate FICA tax?

You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.


How does a couple file taxes when a wife has a LLC with a loss this year and the husband works for a company as well as does contract work?

Assuming the wife has a single-member LLC, she will file a Schedule C with their joint 1040 for her business. The husband will file a Schedule C of his own for the contract work. If he had a net profit, he will also fill out Schedule SE to calculate his self-employment tax. His W-2 will be reported normally as wages on line 7.


What is the meaning of works contract?

A contract for carrying out any work which includes assembling, construction, building, altering, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repair or commissioning of any movable or immovable property. Where the works contract is in the nature of a taxable SERVICE, service tax will be liable on the value of such contract. Where goods are transferred and form integral part of the execution of such contract, VAT would be liable on such value of contract. However composite scheme is available for payment of taxes on works contract since they contain elements of both service tax and VAT. Composite tax of 4% can be paid to do away with the ST and VAT liabilities where no CENVAT credit will be allowed to be claimed.


Is there a tax calculator online?

There are many different calculators available online, depending on the type of tax you wish to calculate. If you wish to calculate income tax, the Internal Revenue Service web site will have an appropriate tax calculator. If you are looking to calculate a sales tax then you need to refer to appropriate jurisdiction for their specific calculation.


What is one activity that is not supported by America's Job Bank Website?

Applicants can calculate their tax withholdings