I have searched online and found that self-employed people pay their taxes quarterly, but I am not certain whether or not I am considered self-employed. I work for a marketing company giving out samples at Wal-mart. I think from what I read, that that is not considered self-employed. The article I read online says something about being involved with an agency. If anyone has any knowledge about how to estimate and pay taxes in this situation, I would be very appreciative.
Thanks
2007-03-16 15:35:53 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Ask a CPA
2007-03-16 15:45:13 · answer #1 · answered by Brooklyn NYC 4 · 1⤊ 1⤋
Yes, you are considered self-employed and should file a Schedule C. I know this because I am a tax preparer plus I also work for a marketing company and give out samples. If you make over $600 from the company, they should send you a 1099 Misc.
It is questionable whether you should pay taxes quarterly. It all depends on how much money you make. It also depends on such things as your filing status, how many dependents you claim, etc.
Hope this helps.
2007-03-16 23:31:33 · answer #2 · answered by Dolores S 1 · 1⤊ 1⤋
If nothing is being withheld from your compensation, you ARE self-employed. Get the Form 1040ES package from the IRS website. Fill out the worksheet to determine how much you need to pay in quarterly. If your state has an income tax, they'll have a similar procedure for state income taxes, just hit their website for instructions and forms.
2007-03-17 01:13:35 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Any 1099misc is considered self-employment reported on Sch.C. Generally for federal you should keep back 10% each check might be a tad much but you will get back at tax season and you should not owe as far as the state in Ohio they take out 2% but you should check with your state tax website to make sure of your state. Keep in mind that you need to keep track of all of your expenses that you pay out of pocket i.e. if you travel from 1 store to another during the day keep track of the mileage you cannot take mileage from home to the first job though. Keep track of gas you can either take gas and repairs or mileage not both if you keep track of both you can figure which is best for you. Go to the IRS website and print out a Sch. C so you know what expenses you can take to keep track of them through the year.
2007-03-16 22:57:44 · answer #4 · answered by momzadork 3 · 0⤊ 2⤋
just go to the post office and pick up a tax schedule it will tell you how much to take out. if you are single it will be about 33% but in some states it is not legal to do what your employer is doing? check your state law.
2007-03-16 22:48:26 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Go see an accountant
2007-03-16 22:45:34 · answer #6 · answered by Mike J 5 · 0⤊ 1⤋
you can estimate your taxes then pay by the quarter direct to IRS
http://www.irs.gov/pub/irs-pdf/f1040es.pdf
2007-03-16 22:55:47 · answer #7 · answered by retired_afmil 6 · 1⤊ 0⤋