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Are you married, single??? [2007-04-28]
If you are married you can have your husband over withold and not pay quarterly. And some years I have just not paid quarterlies and just paid the penalty -- which was never much for me. But on the IRS site if you search for quarterly forms, you should get the correct forms that you need. You do not need the 1040 until you file next year. To estimate see last year what your tax liability was and if it is entirely up to you then take off what you project as your write-off Again, you can go off of last years (2006) to see what you paid in taxes and divide into quarterly or thirds of half in you decide to just pay two times or three times estimates. But again, somewhere on the IRS site for forms, they should be there.
When I was an IC, I was advised to stash sm [2008-08-05]
away 30% of my gross, too. Don't forget you'll be paying self-employment taxes, too. To make this easier for me to do, I had two checking accounts. As soon as I got paid, I'd deposit that 30% into the second account and try not to touch it until I paid my quarterly taxes.
And, yes, you pay quarterly. The IRS will send you the estimated payment forms for each quarter after you file the first time. Suggest you make a copy of your check with the form before you mail them out.
It might be worth your while to make an appointment with a tax expert (HR Block, for instance) and get the scoop from them. They were a big help to me.
As far as deductions, save receipts for every single thing you purchase necessary for you to do your job. Save your phone bills, receipts for reference books, your electric bill, etc. You will be able to depreciate your computer, desk, chair, etc. Have a separate folder handy for these and just drop them in as soon as you spend any money on your business. When you get your taxes done, bring your property tax bill and measurements for your entire home and office.
Block gave me handouts with all this stuff on it. An appointment with an expert will really be of help.
As long as you stash away that money faithfully and keep track of receipts and expenses, you'll find IC is not difficult at all. It's all about being organized and keeping everything in its place.
Good luck to you!
Withholding/quarterly payment question [2008-08-03]
I work as a regular employee with a nat'l and have my W4 set at married but withhold at higher single rate with 0 exemptions.
I also recently accepted a part-time statutory position with a company who is paying in my Medicare/SS but I am responsible for the fed taxes.
Do I need to pay quarterly fed taxes for the last half of 2008 for the statutory job or will I be okay until I file my 2008 tax return early in 2009 (I expect to get a refund) since the bulk of my fed taxes are being withhheld with the regular job?
Thanks in advance. Can't imagine the Gov having an issue with this but you never know.
Here is a rough estimate.......sm [2007-09-03]
You need to pay 15.3% for SS and Medicare, figure out your federal tax bracket and then pay accordingly, i.e., Are you married, single, children?, etc., whatever tax bracket you are in and estimate your federal taxes, usually around 15% of your income. If Arizona has state income tax, you will need to allow for that. State and federal need to be paid quarterly. You can pull the forms off line. So, 15.3% SS and medicare, 15% for federal, plus state taxes, if any, and that should about do it. Have fun writing those checks! Again, you need to figure out your federal income tax bracket first.
No quarterly - withold more from being employee [2007-07-30]
The IRS does not care what job the taxes come from -- if it is easier to overwithold from your employee job do it that way -- I did it for years and when I was married I had my husband withhold an extra 100 per month. And if you don But your employer can overwithold for you. Also if married have husband do it. All they want is their money. They could care less if Grandma paid it as long as they get paid. Patti
What happens if you don't pay quarterly? [2007-05-08]
Im a single mom. In the past, I have never owed much in taxes based on my income and the fact I have two children and always also qualified for the EIC. This year, I will only be able to claim one child, but I also expect to make only about 2/3rd what I have made the last 2 years running. If I take an IC position at this point and don't pay quarterly, am I gonna get zapped?
Are you married, single??? [2007-04-28]
If you are married you can have your husband over withold and not pay quarterly. And some years I have just not paid quarterlies and just paid the penalty -- which was never much for me. But on the IRS site if you search for quarterly forms, you should get the correct forms that you need. You do not need the 1040 until you file next year. To estimate see last year what your tax liability was and if it is entirely up to you then take off what you project as your write-off Again, you can go off of last years (2006) to see what you paid in taxes and divide into quarterly or thirds of half in you decide to just pay two times or three times estimates. But again, somewhere on the IRS site for forms, they should be there.
Taxes [2007-03-31]
I used to be a freelance court reporter and I had to pay taxes quarterly before I was married. Once I was married, my husband I never had to pay a thing because it evened out. I am sure you can just pay at the end of the year what you owe. I would definitely check with an accountant first, just to be sure. I think most people pay quarterly so they don But once again, check with an accountant to be sure.
IRS says 12 K gift per year [2007-03-26]
It was just in our Sunday paper that it is 12K per person gift -- up from 10K. My husband
$24k per year. [2007-03-23]
First, they can give up to $24k per couple per year. If the child is married, too, then that is doubled.
Second, taxpayers get up to $1 million in reportable gifts free of gift taxes. Married parents could thereby gift their kids $2 million during their lifetimes, without tax consequences, beyond the $24k they can give each year.
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