You need a 1040 ES and state form, if required.

You need a 1040-ES and state form, if required. [2007-05-08]
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15% would be your federal and 5-10% your state tax [2007-05-08]
You can get your own forms and file them.....just go to IRS.gov and find the 1040-ES forms and print them out. Next one due June 15th. Figure your taxes, write a check and send it off.

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!

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!

I would check www.oklahoma.gov [2007-11-12]
I I live in a different state, but I found lots of useful information/phone numbers on my state Good luck to you in your new business!

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.

Are you an IC with 1099's [2007-07-30]
If you were an IC, then you need to do schedule C (self employed) where you take your deductions from your business gross income. These deductions are completely separate from your personal deductions. If you have absolutely NO deductions, am not sure if you can then just do the SE form to figure out what your your self employment tax is which is your social sercurity. If you do the Schedule C - you then figure what your net income is from your business and pay your 15.75% on your net income which then goes on Schedule 1040 to be added onto your personal income tax. But you should have some deductions, phone, internet, mileage to bank, computer, etc to offset your income. Patti

does the SE tax cover fed and ss tax? [2007-06-19]
I'm filing my taxes late for 3 years. For each year I have the C-EZ and the SE form to go with the 1040. Does the SE tax cover both federal taxes and social security? Is there a seperate ss tax form? Thank you!

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.

15% would be your federal and 5-10% your state tax [2007-05-08]
You can get your own forms and file them.....just go to IRS.gov and find the 1040-ES forms and print them out. Next one due June 15th. Figure your taxes, write a check and send it off.

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!!