That's what my tax preparer told me

That's what my tax preparer told me [2007-04-09]
He said I should save 25% out of every paycheck - 15% self-employment tax, 10% income tax (actually 12%, but he said just round it off to 25%). Then file quarterly tax returns, which he is supposed to have prepared and mailed to me but I haven

New to IC status and unsure about taxes... [2008-05-16]
Hi, I have been with a great company since March 25 as an IC. I currently work for another company flex part-time as an employee, but want to quit them very soon! I have never worked as an IC before, so completely unsure about how to handle the taxes. I live in Illinois and was told by HR Block to take out 30% from my pay, but I am not sure this is right, seems a bit high to me. I was also told by a friend 22% for federal and 8% for state (but she lives in Wisconsin)which figures out to 30%, she thought HR Block was right, too. I am completely clueless what I need to set aside and do I need to pay this quarterly or wait until tax time? The company does take out SS so I do not have to worry about this. And do I figure this tax after SS is taken out or the total check. So far, I am very part-time, but plan to go full-time when Iquit my other part-time,and have not begun to do this as I figure I would be okay for now. I am paid every 2 weeks and got my first check in April. I will probably be claiming head of household next year, too, with 1 dependent. Any advice would be appreciated from those of you who arefamiliar working as an IC. Any other IC advice is welcome, too, such as what I can deductions I claim at tax time, etc. Thanks!

Quarterly taxes [2007-05-10]
I have never paid them quarterly (for 6+ years now). My accountant told me that as long as I paid in 90% of what my tax was the prior year, by December 15, there would not be any problem and so far this has proven to be true.

Help w/ taxes [2007-04-27]
Sorry if this shows up twice, but I'm not sure it went through the first time. I had asked if anyone could point me in the right direction with paying taxes as an IC. I just started in January. I know I have to pay quarterly taxes and that I'm a little late for April, but I have no idea where to start, I don't want a tax preparer and the IRS site is confusing! Does anyone know which forms I need for this? It looks like I need 1040 schedule C and probably something else...I'd appreciate any help!!

IC versus Self-employed [2007-04-09]
I am a full time IC and have been told by my tax preparer that I have to pay self-employmen tax. Does anyone know if this is the case?? Thanks so much for any help!!