I became an independent contractor this past January when I began tutoring high school students. This is in addition to my full-time job. I would like to pay my taxes quarterly so I don't end up with a huge amount to pay next year. Can anyone point me in the right direction to estimate the taxes I owe?
2007-03-25 09:30:51 · 3 answers · asked by Amsiar 4 in Business & Finance ➔ Taxes ➔ United States
You will own self-employment tax (social security) of around 15.4% plus whatever your rate of federal income tax is plus your usual rate of state tax if your state has a income tax.
Form 1040ES,
2007-03-25 09:35:24 · answer #1 · answered by Jeff 3 · 2⤊ 0⤋
Download form 1040ES and its instructions at irs.gov - that should give you all the info you need.
2007-03-25 09:41:16 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
you can do a 1099 quartly,however once you employ others you then have to contribute to s.s. and their taxes consult a cpa
2007-03-25 09:36:21 · answer #3 · answered by resigned 5 · 0⤊ 4⤋