Do you have to pay federal taxes if you live in Puerto Rico?

If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.

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Self-Employed Tour Guide Services Contract

Puerto Rico Self-Employed Tour Guide Services Contract

Name: Puerto Rico Self-Employed Tour Guide Services Contract
Brand: US Legal Forms
Rating: 4.69 (213 reviews)

Category:

Employment - Independent Contractors - Tour Guide

State:

Multi-State

Control #:

US-INDC-83

Format:

Instant download

Description

Employer contracts with an individual or company who is hired as a tour guide in the status of an individual contractor.

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How to fill out Puerto Rico Self-Employed Tour Guide Services Contract?

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FAQ

If you're a bona fide resident of Puerto Rico during the entire tax year, you generally aren't required to file a U.S. federal income tax return if your only income is from sources within Puerto Rico.

A Puerto Rican corporation that's engaged in certain types of service businesses only pays Puerto Rican tax of 4%. you can pay 0% on certain dividends and capital gains you realize while you're a bona fide resident of Puerto Rico.

Self-employed taxpayers are subject to the total 15.3% tax rate comprised of 12.4% for OASDI and 2.9% for Medicare. The self-employment tax rate for self-employment income earned is 15.3% (12.4% for Social Security and 2.9% for Medicare).

To set yourself up as a self-employed taxpayer with the IRS, you simply start paying estimated taxes (on Form 1040-ES, Estimated Tax for Individuals) and file Schedule C, Profit or Loss From Business, and Schedule SE, Self-Employment Tax, with your Form 1040 tax return each April.

Excise tax: depends on the category of goods. Sales and use tax: 11.5 percent on most goods and services. 10.5 percent on goods and services not subject to municipal SUT.

Sales and use tax: 11.5 percent on most goods and services. 10.5 percent on goods and services not subject to municipal SUT. 4 percent on designated professional services and services rendered to other merchants (Special SUT).

The new tax contributes 1% to the municipality level and 10.5% to the "state" level. The IVU was scheduled to expire on 1 April 2016, to be replaced with a value-added tax (VAT) of 10.5% for the state level, with the 1% IVU continuing for the municipalities.

Puerto Rico will soon be replacing its existing state-level sales and use tax with a value added tax (VAT) system.

Designated professional services and business-to-business (B2B) services are taxed at a 4% SUT rate. Taxable services that are excluded from SUT include, among others, the following: Services rendered by merchants with annual volume of business of less than USD 50,000.

Professional services are not subject to sales tax in the state of California.

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Puerto Rico Self-Employed Tour Guide Services Contract

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How to fill out Puerto Rico Self-Employed Tour Guide Services Contract?

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FAQ

Do you have to pay federal taxes if you live in Puerto Rico?

Do Puerto Rican businesses pay taxes?

What is the self-employment tax in Puerto Rico?

How do I list myself as an independent contractor?

How much is the excise tax in Puerto Rico?

Are services taxable in Puerto Rico?

How much is the IVU in Puerto Rico?

Does Puerto Rico have VAT tax?

Are professional services taxable in Puerto Rico?

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