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Our method

Posted By: WiMT on 2005-12-08
In Reply to: withholding taxes? sm - MTK

I work as an IC as well as an employee. Here's what we do. We have a separate checking account that all of my checks from being an IC go into.  We don't have any checks for that account or anything.  It's just used as a depository of sorts.  My income from the other company where I'm an employee is just direct deposited into my regular checking account.  So, all of my IC checks go into this business checking account.  We then transfer usually around 35% into a separate savings account that we call the tax savings account.  The rest we transfer into the household checking account to pay bills, or depending on what's going on maybe into our regular savings account.  So, this business checking account will a lot of times have only a few dollars in it, because the money goes into it, but then is transferred right out first to the tax savings account, and then to the household checking account.  What's so great about this method, though, is that since everything I make as an IC goes into this account, and nothing else goes in there, I can easily just add up the deposits quarterly to find out my quarterly income.


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Use the Quickest Search method I posted above. nm
nm
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