Dollars and Sense Show

Career Exploration for High School Students

Part 2 Personality tests can help in a career choice

Join Carol Topp as she shares a 4 part series on Career Exploration for homeschool high school students.

Dollars and Sense Show

Career Exploration for High School Students

Part 1: How can you know God’s will for your life at age 17?

Join Carol Topp as she begins a 4 part series on Career Exploration for homeschool high school students.

Paying Workers in a Homeschool Organization (Part 2) Dollars and Sense Show #18

DollarsSenseShow18

Do you pay workers in your homeschool organization?

Do you know what form to to filing with the IRS?

Homeschool CPA, Carol Topp, will share the details of what you need to know about paying workers in a homeschool organization in this 30 minute podcast. Part 2 of a 2 part series.

 

Show Notes:

Applying for EIN. Use IRS Form ss-4. Read this helpful article first Getting an EIN from the IRS.

IRS forms to give to independent contractors (IC).

  • Use IRS Form W-9 to collect the IC’s legal name and EIN.
  • Read IRS Pub 15A Employers Supplemental Tax Guide.
  • Give Form 1099MISC to every IC paid more than $600 in a calendar year. Unfortunately Form 1099MISC cannot be printed on your home printer. You must order it from the ITS or buy a set at an office supply store. I use FileTaxes.com to file and mail Form 1099MISC.

IRS forms to give to employees

  • Collect a W-4 and an I-9 (Immigration) from each employee. Get employment forms at IRS.gov
  • Read IRS Pub 15 Employers Tax Guide
  • Give each employee a W-2 at the end of the year. (I use FileTaxes.com to file and mail the W-2’s to the employees)
  • Form 941 or 944 to pay your employer taxes (Social Security and Medicare). Find employment forms at IRS.gov. I use FileTaxes.com to prepare and file 941/944 or fill in online print and mail.

What to do if you are paid by homeschool organization an receive a 1099MISC

  • File Schedule C Profit or Loss from Business of the Form 1040. List all your income and expenses from being a independent contractor.
  • Pay federal income tax and self-employment tax (same as Social Security and Medicare for self-employed people) using Schedule SE (attached to your Form 1040.

If you find these forms confusing, consider a private consultation with Carol Topp, the Homeschool CPA. She can help you prepare and file the correct forms.

 

Carol mentioned a few helpful resources:

Cover Money Mgmt HS Org

Paying Workers in a Homeschool Organization (short ebook)

Questions and Answers for Homeschool Leaders (ebook)

Money Management in a Homeschool Organization (newly expanded) in paperback or ebook. The Paying Workers ebook is incorporated as a chapter in this book, so you don’t need to purchase both.

Other helpful books and articles for homeschool leaders can be found at HomeschoolCPA.com

 

Be sure to listen to the first part of this podcast (Episode #17) where Carol explains the difference between employees and independent contractors.

Paying Workers in a Homeschool Organization (Part 1) Dollars and Sense Show #17

DollarsSenseShow17

Do you pay workers in your homeschool organization?

Are they employees or independent contractors? Do you know the difference?

Homeschool CPA, Carol Topp, will share the details of what you need to know about paying workers in a homeschool organization in this 30 minute podcast. Part 1 of a 2 part series.

 

Carol mentioned a few helpful resources:

Cover Money Mgmt HS Org

Paying Workers in a Homeschool Organization (short ebook)

Questions and Answers for Homeschool Leaders (ebook)

Money Management in a Homeschool Organization (newly expanded) in paperback or ebook. The Paying Workers ebook is incorporated as a chapter in this book, so you don’t need to purchase both.

Other helpful books and articles for homeschool leaders can be found at HomeschoolCPA.com

 

Be sure to listen to the second part of this podcast when Carol shares what forms you need to be filing with the IRS when you pay workers.

Homeschooling With a Large Family

Large Family Homeschooling Podcast

Homeschooling with a Large Family

Are you homeschooling 1, 2, 3 or 4 children? You may or may not think you are homeschooling a large family. Honestly, there are days I do think homeschooling 3 children is quite a bit different from homeschooling 1 or 2 children. However, I KNOW homeschooling 3 children is different from 4 or more.

I have learned a few ways of homeschooling my children. We have some subjects we learn as a family and a few I teach based on zones or combined teaching as I am able with my children.

While I love helping any Mom get her footing on solid ground with homeschooling, I know that I can’t really do a LOT to help Moms with more than 4 children. So, today, I have special guest, Amy (Raising Arrows) who currently has 7 children on earth and one in Heaven. She writes amazing posts helping Moms in their homes with organization, school and more than that, as a wife. Amy has also written an eBook called: Large Family Homeschooling I know you will want to read. So, I can’t wait for you to listen to today’s podcast.

You can find Amy on: her blog, facebook, twitter, google+, YouTube, Instagram and Pinterest

Homeschooling with a Large Family has been sponsored by Kerry Beck at How To Homeschool My Child. You can find Kerry on her website, YouTubeFacebook, Twitter, G+ and Pinterest.

Homeschooling Children with Special Needs

Special Needs Homeschooling Podcast Special Needs Homeschooling is a topic that is discussed more now than ever. No longer are parents under the impression that they can’t homeschool a child who needs extra help, but many are actually bringing home children who do have special needs.

When we brought one of our children home, we did so because we knew this child was struggling and the only way they would receive help would be when they began failing. We decided that was not in the best interest of our child. So, we began homeschooling one of our three. At the end of that first year, all three of our children were at home and we are now entering our 6th year of homeschooling.

On Today’s show, Jennifer Janes shares how she began homeschooling and realized the needs of both of her daughters. Each one created in the image of God and for His purpose and both with special needs that has grown Jennifer over the years.

I remember talking with Jennifer several years ago as she began to realize the needs her children had then. We prayed together, talked through possibilities and it was wonderful watching her begin the journey of being an advocate for her girls. I pray you will listen to this podcast and be inspired. Jennifer’s desire is to equip and encourage any parent who has a child with special needs. She writes about their journey on her blog JenniferAJanes.Com and welcomes questions through comments, Facebook, or email.

You can find Jennifer through: Her Blog, Facebook, Pinterest, Google+, and Twitter

Destination:Inspiration Podcast Episode #005- Homeschooling Today Magazine

On this edition of the show, Jen Reyneri speaks with homeschool graduate Ashley Wiggers from Homeschool Today Magazine and Geography Matters. Ashley speaks about her experience growing up and learning while traveling. Jen and Ashley discuss their love of learning, the importance of being hands-on with learning and experiencing the enjoyment of learning by experience. Visit more of Jen’s adventure community at Word Traveling.

Destination:Inspiration episode #010 with author Julie Gorman and talks LEGO LOVE with Wally from the Wally Show!

On this episode of Destination: Inspiration, Jen and dear friend Julie Gorman chat candidly about what homeschool looks like for a busy traveling author, her new book, and the power, grace and goodness of God’s workmanship- YOU!

We also get an inside glimpse of the amazing #LEGOLOVE project launched by Wally of Way FM’s The Wally Show to bless the children of Compassion International in Haiti.

Tune in- you won’t want to miss it!

 

D-I with Julie and Wally

 

Teens and taxes. Dollars and Sense Show #12

DollarsandSenseShow12

In this episode of the Dollars and Sense Show host Carol Topp discusses taxes and teenagers.

Show Notes:

A teenager files their own tax return! Do NOT add your child’s income to your tax return.

You can still claim your teenager as your dependent. They check a box stating they are claimed as a dependent on your tax return.

Major taxes affecting teenagers: earned income, unearned income, and self-employment tax.

Earned Income from a job or micro business (including babysitting). Federal income tax is owed if earned income is more than $6,100 (in 2013)

Unearned Income: interest, dividends, capital gains on taxable accounts in the student’s name. Federal income tax is owed if unearned income is more than $1,000. Between $1,00 and $2,00 unearned income is taxed at child’s tax rate. More than $2,000 unearned income is taxed at parent’s rate on Form 8615 (“Kiddie tax”)

Self-Employment Tax

Same as Social Security and Medicare for self-employed people. 15.3% of profit over $400. Unadjusted since 1954 (adjusted would be $6,250). Schedule SE attached to Form 1040. Reported on Line 56 under Other Taxes on back of Form 1040. (the “hidden” tax)

Example: $5,000 profit earned by single teenager. Income tax $0. SE tax $706!

If you’d like to see this changed, visit MicroBusinessForTeens.com/eliminate-tax-on-teen-entrepreneurs for a position paper you can share with your congressman.

Exception to SE tax for teenage Household Employee: Students under age 18 working in or around an individual’s home is a household employee are not subject to SE tax. Report wages on Form 1040 Line 7 with “HSH” as note. Examples: babysitting, lawn care, house cleaner

Teenagers scammed: Treated as independent contractor instead of employee.
Signs: Paycheck with no SS/Medicare withheld. Paid in cash. 1099MISC not W-2.
Action: Complain to employer. File complaint with IRS (Form SS-8) and Form 8919 to pay half SS/Medicare.

Resources

Teens and Taxes ebook by Carol Topp, CPA available at TeensandTaxes.com
Money and Taxes in a Micro Business by Carol Topp, CPA available at MicroBusinessForTeens.com
IRS Understanding Taxes website http://apps.irs.gov/app/UnderstandingTaxes

 

Tune in for the next Dollars and Sense show on March 27, 2014 when Carol will discuss 5 Money Myths that homeschool moms believe.

 

Gun Control, The Law & More

Gun Control

Gun control and so much more in this week’s episode.

Download the audio and share with a friend.