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how do you get away with paying yearly? the IRS determines if you should pay quarterly so

Posted By: !?!?! on 2006-09-15
In Reply to: mac is correct - about 33-35%....sm - I stopped paying quarterly, now pay yearly...sm

unless you are having a great deal withheld from hubby's check and only paying a little bit from yours, I do not see how you can be complying with the law by paying yearly. The IRS doesn't like that. They want their money NOW!

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Paying quarterly vs yearly

When I read the post regarding going from quarterly to yearly for IC taxes I got excited.  I used to pay yearly until my tax guy told me to pay quarterly which I reluctantly started doing.  All those years I paid yearly the IRS continued to send me quarterly tax payment vouchers which I ignored.  Ok, so my point is, I just got off the phone with the IRS, explained my situation, IC who works production, doesn't make the same month to month, year to year and she STILL says I HAVE to pay quarterly and at the end of the year send in form 2210 which I think she said is an annualization form which will enable you to escape any penalties for sending in less if you made more last year.  I do know if you have children there are circumstances that will enable you to file yearly rather than quarterly but I have no children at home so I didn't really pay attention to that. 

Is MQ still paying quarterly bonuses? SM
I was expecting to get a July 15 bonus. Has this changed? TIA
you need to be paying quarterly estimated taxes(nm)
Its your internet provider that determines when
you may or may not be logged out. AOL, for instance, has settings to bop you off line frequently, especially if they perceive inactivity (writing long emails, reading web sites).  Generally, its the dial-up providers that do this, while cable connection provides an uninterrupted (usually Ha!) connection. You can call your internet service provider to discuss lengthening the time they allow til they disconnect you...some will happily change settings, others pretend they don't know what you're talking about! If you let me know your provider, I might be familiar with their timing policies...
sure you do. choice not chance determines destinty.
It's how the count is programmed into ExText that determines good or bad, but otherwise it's a
The [physician determines the level of security, not you - you are "compliant" with him to be.
HIPAA compliant. Some doctors are perfectly comfortable with sending transcription back and forth via email with no encryption, with only a disclaimer paragraph. You need to discuss with your doctor what level of security HE wants and be compliant with that.
I pay yearly.
I always pay yearly. I have worked as an IC for 10 years. I have never had a penalty. A family member also has worked from home for over 20 years and has never paid quarterly. Just pay on April 15th and you should be fine.

They don't do yearly updates and never have. If you must
get hysterical about something at least get the real information about what you are carrying on about. Statements like this just make folks dismiss what you are saying because you don't know what you are talking about.
I do taxes yearly, too.
Yearly income

I have three 1099's here in front of me  -- one for 24K, one for 13K,  and one for 5K.    My W2 one is for 14 almost 15K.  I did work without 1099 in the amount of 3K.   The reason that my average goes down on the IRS forms is that after all my business deductions -- which includes my health insurance and 401K and Self employed retirement fund, mileage, supplies, etc. it goes down to less than 20K.   Believe me or not, but it is possible and I still have time to go on the boards.  I do not work 60 to 70 hours per week. 

yearly wages

Last year had small MTSO two part-time IC's working for me, worked as employee parttime in clinic.  Worked 50 hours per week.  Made -- myself not counting what my IC's brought in -- $62 K.  Starting June 1st, quit the employee position -- divorce attorney fees paid off, no IC's and keeping my 4 accounts,  will work 25 to 28 hours per week and make approximately 40K from these four accounts per year.  If I get stuck and need more will do overflow for another MTSO.   But too many headaches and time to take some time for myself.  Looking forward to it.


I pay yearly also....per my tax accountant. sm
It doesn't matter as long as you pay - quarterly, yearly, etc.

Yearly raise? What's that?
I've been waiting for 3 years for a raise I was supposed to get after 6 months. 
Will it be a yearly thing now?
Waiting for what? They don't do yearly updates.
What else is there to say? But if you want to keep on whining about something that is untrue be my guest.
yearly physical (joke)
I went to the doctor for my yearly  physical. The nurse starts with certain basics.

How much do  you weigh?" she asks.
"115," I say. The nurse puts me on the scale. It  turns out my weight is 140.

The nurse asks, "Your height?" "5 foot  8," I say.
The nurse checks and sees that I only measure 5' 5". 

She then takes my blood pressure and tells me it is very high. 

"Of course it's high!" I scream, "When I came in here I was tall and slender! Now I'm short and fat!"

She put me on  Prozac

Stedman's with the yearly updates. nm
no, annual pay used to be $500/yearly 4 india
What are you paying your MTs? If you're only paying 7 or 8 cpl

and expecting extremely experienced MTs, forget it. You're not going to get it.  If, however, you're willing to pay 9 or more cpl then you will find what you're looking for. There ARE experienced MTs out there who will work their fingers to the bone IF they are compensated well and treated with respect.

The Stedman's and then you buy the yearly updates afterward. nm
What happened to their advertised yearly raises? sm
Oh, I remember who the owner is and am not surprised.
I work for a national, $600 yearly deductible and 15-30 copay
Yearly income to expect as full-time... (sm)

employee (not IC) for a national?

don't count on raising rates yearly as an MTSO.

As an MTSO, don't think you are going to increase your accounts *yearly* (the word you used).....good luck if you're taking that route!!

I have my surgeons for a decade due to they pay very well and I have NEVER raised their rates because then they COULD choose to go elsewhere for less.....just my take.....

I also worked for nat'l services for years and they rarely raised their rates to their clients, as they, too, never wanted to lose any accts.

Good luck to you, whichever way you go!!

Need advice on yearly line count raises please. sm
Could anyone please give advice on how much a yearly raise for a line count should be?  What is good, what is bad, what is average?  Thank you in advance.
Yikes...2-3 reports pulled per pay period here, not yearly..
sorry to see quality isn't a big issue at your company.
ATT- I was paying $320 for 7000 minutes, I am now paying $175 for 5000 minutes in CA. nm
Yeah, the IQ's are as ridiculously high as the make-believe yearly pay we often get quoted on her
If you believe any of this crap you really need to get out more.
In my area, the doctors do these tests automatically as part of your yearly exam -

And on my local ER account, if you're a female and show up at the Emergency Room, they will automatically do a pregnancy test on you, even if you've had a hysterectomy.  I think it's a huge scam.  The kinds of tests that are becoming "routine" is getting just plain silly.  


Since yours is so old, you'll need the regular full-price version and then yearly you order the
I don't pay quarterly.
I pay my taxes at the end of the year when I file. 

I have been an IC for 16 years now but was married before and so had my husband overwithold.   Then the last couple of years held a part-time in-house position and so overpaid that way.  But this year will probably keep an eye on things and see what my taxes will be after about June and if it is bad, will make a payment then.  I will have a lot of deductions this coming year - 2007 - so that will help.  When I do my 2006 taxes I will just see what I owe and go from there.  If it is easier to send in $400 four times a year instead of April 15th, will do that.  I have never had to pay that much in penalities when I did not do quarterlies that it bothered me.  


MQ quarterly bonus
Yes, MQ does still pay quarterly bonuses to their SEs.  We earn $50 for each pay period we produce 10,000 lines and another $10 per 1000 lines after that. 
quarterly bonus
Do you still get quarterly bonuses as an SE with the new incentive plan and how is it now going for you?
quarterly bonus
Do you still get the quarterly bonus for the SE incentive program and how is it going for you?
When is MQ getting rid of the quarterly bonuses? SM
Does it start before or after the OCT bonus?
Your first year you don't have to pay quarterly...sm
but of course, you better be setting the money aside. It's the second year where the government will ask you to pay quarterly. You only have to pay 100% of what you paid the year before in your quarterly payments. Ex: in 2006, you start your first year as an IC. You earn $25,000. Your taxes are $5000 which you pay as a lump sum on April 15th, 2007. In 2007, you pay your first quarterly installment on April 15, 2007 of $1250, with equal payments of $1250 at the next three payment due dates. At the end of 2007, you realize you made $45,000. It is not a problem that you only withheld taxes for the $25,000 amount. You will just make up the difference when you file your taxes for 2007 in 2008.  Note: "bump up" your payment amount a little bit to make sure you clear the 100%, i.e. pay $1300 a quarter.
don't need to pay quarterly the first year...sm
the IRS determines you should be a quarterly payer when you file your taxes and show you have no withholding from your job. The  next year you file quarterly but only have to pay 100% of what you made the year before, no matter how much you make or don't make this year. Ex:  You being working as an IC this year 2006. You don't pay quarterly but when you file your taxes in April of 2007 for tax year 2006 you realize you made $10,000 and you owe $2500 in taxes for earnings in 2006. In the year 2007, you will need to make four equal quarterly payments equalling $2500, i.e. $625 (but round up a bit to $650). Your first quarterly payment is due April 15, 2007.
pay quarterly or withhold...sm

Last August, I was dropped from employee status to IC.  I don't know of anyone else in my area that works from home as I do so I have a question for any of you that are IC's.  When you file taxes you get a 1099 form from the work site, do you keep out money in a separate account for your taxes the following year or do you pay in throughout the year? 

So in August of 2005, you went to IC status. You will owe income taxes including self employment taxes on everything from August on. By April 15, your tax man will have figured out what you need to pay. By April 15, this year you need to either start a) filing quarterly or b) increasing husband's withholding so that all your taxes paid for 2006 are equal to or greater than what you owed in 2005. For example, say in 2005, you made $10,000 as an IC and say you owed $2500 in taxes. Your husband made $40,000 and owed $8000 in taxes. In 2006, you would need to have $10500 withheld from his checks or a combination of his checks and your quarterly filings. And don't go into you pay more taxes as an IC than an employee. We've had that discussion up and down these boards these past two weeks. Don't even go there.

quarterly, now I just pay it all in April...nm
Quarterly Taxes
I'm sure what state you live in, but in NY State I pay quarterly taxes to Federal and State. I get coupons in the mail at the beginning of the tax year, the deadlines for payment are in April, June, September and January. Basically you pay as much as you want towards your estimated taxes. I believe there is a percentage as to how much should be paid in order for it to be most beneficial to you at the end of the year. Not sure how helpful this is, but I'm surprised your State is saying it's not necessary to pay quarterly unless you can just pay a lump sum estimated tax amount.
quarterly taxes
You need to either go to the IRS website or call an IRS office.  They will direct you correctly and give you the proper paperwork, etc to file quarterly.  If you don't file quarterly (depending on your circumstances, children, etc) you stand a chance of being fined. The website also defines as  to whether you should file quarterly and lists the circumstances where you don't.
I take out 35% of each check and pay quarterly. nm
Quarterly pymts
You can print the forms off through the IRS web page, send for them or if you use Turbo Tax they print them for you if you need them.  As long as you have your cancelled checks you should be fine and send them in with a form and your SSN.
Quarterly Taxes

I send in 35% of all that I have made up to the date taxes are due.  You do not need to categorize it, just make sure you send in enough.  Your percentage may be lower depending on other factors...spouse income and his/her withholdings, deductions, business expenses, etc.  But 30% to 35% should be pretty close. 

It is better to send in a little too much because if you owe (as I did for 2005, my first year filing quarterly), the IRS will send you a bill for interest for the amount you underpaid each quarter.  Plus, of course, the amount under paid.

Just as above. It's part of what you pay quarterly.
When you're an employee, your employer pays 7.5 and you pay 7.5. When you're self-employed you pay the whole 15%. Also, you should be making estimated quarterly payments to avoid a penalty.
Quarterly Tax question
I pay my taxes when I file on April 15 or August 15 if I get an extension. I have a bookkeeping service that does my taxes and you don't have a choice but to pay into social security - i don't know how you have gotten around it. I would be interested to know, though.
The IRS will probably penalize you if you DON'T pay quarterly.
The first year it's usually tough to know what your quarterly payments should be; however, after that, the IRS will send you quarterly payment coupons so you're not the one to determine how often you pay--the IRS makes sure of that.
You can pay quarterly taxes yourself without

the help of an accountant.  You can download the forms from the IRS.  If you are married you can have extra taken out of your husband's check instead of paying quarterly taxes. 

I think most people figure on saving 30% of their income to cover taxes. 

You pay them quarterly. You can download
forms from IRS website.   If you have a spouse you can have extra taken from their check instead of paying quarterly.