i was wondering what you can do if you work for a company and they dont take out taxes from your check is there an a form or something where they can outomatacaly take this money out so it wont be so bad at the end of the year?
i just dont want to be overwhelemd at tax time and have to pay a huge bill.
Can anyone help me out on this i looked on IRS.GOV but i'm not that smart .
Someone metion a 1099 form to me but i never get these things.
thank you
2006-08-09 09:47:40 · 4 answers · asked by mary_llinas 2 in Business & Finance ➔ Taxes ➔ United States
a 1099-misc form is one lump sum that you report with your taxes. if your employer is not withholding taxes, you can make estimated payments. look up form 1040-ES on irs.gov
it comes with a worksheet so the payments are based on your income. if you overpay, you can get that money back as a refund or apply it to next years taxes.
2006-08-09 10:33:48 · answer #1 · answered by emjay 4 · 1⤊ 2⤋
If you are a statutory employee, your employer is required to withhold taxes. If you are an independent contractor, you are paid the lump sum and you are required to pay your own taxes. Your employer cannot arbitrarily decide you are a contractor. There are certain requirements that apply to each. If you are an employee, having set hours, working on company property, with oversight as to what you do and how you do it, that it a clue that you are an employee. If your company is not withholding, you can fill out this form below to request an IRS determination. They will take it from there. I did this due to the same issue and they determined I was an employee and went after the boss.
http://www.irs.gov/pub/irs-pdf/fss8.pdf
I would first, however, talk to your employer about this issue. If they are too defensive and you feel pressing the matter would put your job in jeopardy, I recommend this other route.
2006-08-09 13:24:21 · answer #2 · answered by misslabeled 7 · 0⤊ 1⤋
You need to call the IRS and report this company that doesn't take taxes out for you. They are going to stick you with a huge payroll tax bill because of this. REPORT THIS COMPANY now to the IRS! They are avading their 1/2 of the payroll taxes!
(You'll have to pay BOTH 1/2s!!)
2006-08-09 09:51:48 · answer #3 · answered by miketorse 5 · 0⤊ 1⤋
there is a thing call installments, if anyone fail to pay it on time and the correct amount there are penalties.
You have to either pay 100% of last year's tax due every season or 90% of current year's tax due if you making less than 100k per year.
2006-08-09 10:01:46 · answer #4 · answered by tw9812 1 · 0⤊ 1⤋