Personal Taxes

Yes. Income earned as a consultant is subject to self-employment taxes.

Generally, most babysitters are not employees of the parents they are providing babysitting services for, unless they are employees of a daycare or childcare center.
Self-employed babysitters file tax returns using the 1040 Schedule C and SE to report their earnings.
Depending upon the babysitter's tax liabilities, the babysitter may be required to remit quarterly estimated taxes.

A patent for an invention is a grant of a property right by the government to the inventor. The right conferred by the patent grant is the right to exclude others from making, using or selling the invention. A patent is given only to the first inventor. If one innocently invents something already patented, no second patent will be granted. Patents are granted for a new and useful process, machine, manufacture, composition of matter, or ornamental design for an article of manufacture. For more information on patents speak to your local CPA or call the U.S. Patent and Trademark Office at (800)786-9199 or go to their website at http://www.uspto.gov.

A copyright protects creative works of authorship that are fixed in a tangible form. A copyright gives its owner the right to control how that work is used, including the right to reproduce the work and make derivative forms of it. A work is protected the moment it is produced in tangible form. Only works that are registered with the U.S. Copyright Office are entitled to full protection. Registering your copyright to a work is a straightforward process. You have to fill out a form, attach a copy of the work and pay the registration fee (as of 10/2000 = $30. You can go to the U.S. governments Copyright Office's web site to get the appropriate form.

A Trademark is like a copyright. The trademarks protect an owner's work from unscrupulous business practices. Unlike copyrights, trademarks protect a product's identity from being copied. A trademark is a word, phrase, symbol or design, or combination of them which identifies the source and quality of a business product. The most effective way to secure nationwide ownership to a trademark is to register it with the Patent and Trademark Office. You can also register your trademark with the state or states in which you use your trademark. The benefits of state registration vary from state to state, but at a minimum, state registration puts others on notice that you are claiming rights to a mark in a certain area.

Securing a federally registered trademark usually takes several months. It can be done without an attorney, but you should strongly thin about speaking with one. Generally, the Patent and Trademark Office charges between $100 and $400 per class of goods or services. You may also want to speak with your local CPA about your trademark requirements.

A REMIC is an abbreviation for a Real Estate Mortgage Investment Company. Generally it holds a fixed pool of mortgages.
A REMIC is not a taxable entity for federal income tax purposes. Generally, a REMIC is treated as partnership and the partners considered residual interest holders. Net income from the REMIC is passed through to the partners.
The partners pass through income issued to the partner on Form 1066, Schedule Q and is reportable on IRS Schedule E, page 2.

The employer's payment you received for permanent loss of use to a limb is tax free if the payment is based solely on the nature of the injury.

The overtime meal money you receive for occasional overtime is not taxable to you. Additionally, any train or cab fare home you receive while working the occasional overtime is not taxable.