2006-11-29 16:32:31 · 2 answers · asked by Jason W 1 in Business & Finance ➔ Taxes ➔ United States
its only one paycheck
2006-12-01 20:17:48 · update #1
IT'S ONLY ONE PAYCHECK
2006-12-01 20:18:21 · update #2
call the IRS, but i think it is 1099
2006-11-29 16:40:37 · answer #1 · answered by FC 3 · 0⤊ 0⤋
I assume that yo are self-employed based on your question. A self-employed individual does not get a pay check subject to withholding. Such a person takes cash distributions from the business as needed. The income of the business is taxed to you for federal, state and social security. Any taxes you owe are paid quarterly to the IRS using form 1040 ES for the year. You will need to make sure you are paying the proper amount so that you avoid underpayment of taxes penalty. This penalty applies if your withholding/estimates do not meet certain amounts compared to your prior year tax.
2006-11-29 22:19:39 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋