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The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the income earned before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 / 100,000 or 0.25.

The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the earnings (or income earned) before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 0.25.

Business owners need to make sure they've properly filed each form, correctly itemized each deduction and write-off, and have their receipts handy in case of a dreaded audit. Here are some tips to file your taxes properly: 1)Collect your records - Before filling out any tax form to report your business income, you should have all records in front o

You may file Form 1040 by paper mail, by using IRS e-file, or through an approved tax preparer. Filing taxes online is generally safer, faster, and easier and you will get your tax refund much sooner if you choose the Direct Deposit option.

It is actually income and not age that determines the amount of federal taxes you have to pay. If you and your spouse are above the age of 65, you would need to file for a joint tax statement if the income is above $21300 or the combination of half your social security along with the other income is more than $32000. In case you are single, the thr

In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax (PDF). Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year.