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Jacqueline Hardges
Ohio
4 Posts |
 Posted - 03/24/2015 : 09:59:33 AM
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Thank you!
quote:
Originally posted by LindaH
The "notary fees" are those fees your state allows you to charge for notarizations - whether per signature or per notarial act. These "notary fees" are exempt from Self Employment taxes (the part of your taxes earmarked for social security, which if you were an employee you would pay and your employer would match). Depending on your situation you may choose not to pay into that...but keep in mind it not only affects your social security, but can also impact your eligibility for disability income should that issue ever arise for you.
All of your fees - your total income - is all taxable as income on your federal return, but your notary fees are exempt from the self-employment taxes only. If you have a state income tax, that could be a whole other issue.
I'm still mostly paper and old school, but what I do is, each job has an invoice...that invoice states the number of notarizations involved in the job (herein FL we charge per notarial act). At the top of each invoice I separate out my fee "amount for notarizations/balance". So, for example, a job that pays me $100 with 5 notarizations is marked "50/50" - $50 is notary fees, $50 is other fees. Likewise, a job of $150 with 5 notarizations is "50/100" - $50 notary fees/$100 other fees. My invoice is itemized to show notarizations, job, travel mileage, with a total at the bottom.
Hope this helps.
Linda
http://www.columbiacountynotary.webs.com
http://www.notary.net/websites/LindaHubbell
Jacqueline Hardges
Notary Signing Agent
216-355--5921 Mobile
888-293-5884 Fax
hardawayssllc@gmail.com |
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LindaH
Florida
1754 Posts |
Posted - 03/22/2015 : 3:02:18 PM
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The "notary fees" are those fees your state allows you to charge for notarizations - whether per signature or per notarial act. These "notary fees" are exempt from Self Employment taxes (the part of your taxes earmarked for social security, which if you were an employee you would pay and your employer would match). Depending on your situation you may choose not to pay into that...but keep in mind it not only affects your social security, but can also impact your eligibility for disability income should that issue ever arise for you.
All of your fees - your total income - is all taxable as income on your federal return, but your notary fees are exempt from the self-employment taxes only. If you have a state income tax, that could be a whole other issue.
I'm still mostly paper and old school, but what I do is, each job has an invoice...that invoice states the number of notarizations involved in the job (herein FL we charge per notarial act). At the top of each invoice I separate out my fee "amount for notarizations/balance". So, for example, a job that pays me $100 with 5 notarizations is marked "50/50" - $50 is notary fees, $50 is other fees. Likewise, a job of $150 with 5 notarizations is "50/100" - $50 notary fees/$100 other fees. My invoice is itemized to show notarizations, job, travel mileage, with a total at the bottom.
Hope this helps.
Linda
http://www.columbiacountynotary.webs.com
http://www.notary.net/websites/LindaHubbell |
Edited by - LindaH on 03/22/2015 3:06:17 PM |
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Jacqueline Hardges
Ohio
4 Posts |
Posted - 03/22/2015 : 1:13:51 PM
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I am confused as to how I should account for notary fees from a signing or should I even try to figure it out. For example, there are some software trackers that asks what are/were your notary fees for a signing. If a signing fee is $60. What part is notary costs. I think it's because of tax reasons that notary fees are separated because of some sort of benefit while filing taxes
Jacqueline Hardges
Notary Signing Agent
216-355--5921 Mobile
888-293-5884 Fax
hardawayssllc@gmail.com |
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Notary Fees
