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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.
quarterly payments if you make more than $600 per quarter [2008-01-01]
I believe you are technically supposed to pay quarterly if you are self-employed/IC. As someone mentioned above, I think it The IRS really has no way of knowing whether you are self-employed until tax season comes around though, and as long as you are paying what you are supposed to and filing when you are supposed to, I don Just keep in mind that there is a separate SE tax on top of federal taxes...that can get some people in trouble because they underestimate how much it will be.
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
Would I have to pay quarterly taxes if... [2007-05-14]
I am also a pt employee for someone else? I thought I read this somewhere.
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.
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?
New IC, when to send in quarterly taxes? [2007-04-05]
Heard sometime in April. Thanks.
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.
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 payments if you make more than $600 per quarter [2008-01-01]
I believe you are technically supposed to pay quarterly if you are self-employed/IC. As someone mentioned above, I think it The IRS really has no way of knowing whether you are self-employed until tax season comes around though, and as long as you are paying what you are supposed to and filing when you are supposed to, I don Just keep in mind that there is a separate SE tax on top of federal taxes...that can get some people in trouble because they underestimate how much it will be.
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
I know many, many who pay only yearly taxes [2007-06-12]
There might be a small penalty if you don As long as the tax guy gets his money he is not going to come after our little amount and if you pay the penalty, he doesn I usually do twice a year when I don I also know of at least 10 friends who are painters, contractors, beauticians, etc. and they don But it is up to you to have the money at the end of the year. That is where it comes in to play and that is why I usually send in June and December so that I don It would be no different than if you were an employee and did not have enough withheld -- then you pay by the 15th and sometimes have a penalty but you pay -- IRS is happy.
If you are an employee sm [2007-05-14]
And your employer takes taxes out of your check, then no, you don't.
However, if you have a second job where you are an independent contractor, then yes, you would have to pay quarterly taxes on that job.
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.
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?
Self-employed....... [2007-05-08]
Self-employed individuals are required to file quarterly returns. If your tax file is pulled and they see self-employed but you had not paid quarterlies, you could be audited and at that point, the IRS unfortunately could charge you penalty fees for not paying on time quarterly. Long story short, you would 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.
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!!
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
15th of April, June, September, January. sm [2007-04-07]
The IRS sends a worksheet to help you figure out what your quarterly payments should be. Try their website www.irs.gov as that should be able to point you in the right direction. It's been so long that I had to figure this out that I've forgotten more than I remember.
IC paying taxes [2007-03-31]
I do IC work part-time, about $600 a month. Do I need to file quarterly taxed with the feds and Social Security, or can I just settle up when I file my 2007 next January? Thanks in advance for any info.
If you work another FT job where they do withhold taxes you should be ok...sm [2007-03-31]
I did this for years and never paid quarterly and I was always fine. Every situation is different though but that small of an amount monthly should not make a difference if you work a FT job where they are withholding taxes.
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.
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