2007-04-11 04:39:02 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
If you get a 1099-misc showing what you were paid as non-employee compensation, then you use those numbers to file. If you don't get a 1099, then you need to keep the records of what you were paid, and use your records for filing.
You'll show your income and any associated eligible expenses on a schedule C or C-EZ, then fill out a schedule SE to calculate your self-employment tax (social security and medicare). The numbers from the bottom of the two schedules will transfer to a form 1040. Self-employment tax is 15.3% in addition to whatever income tax you owe on what you make.
If you live in a state that has a state income tax, you'll most likely have to file a state return also - what you do there depends on what state you're in.
2007-04-11 05:43:55 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
Simple - the federal and state governments tax you based on your income - not on how much tax you have had deducted from your income throughout the year. Most people don't realize how much tax they are paying because the amount comes out every week or two. If everyone was presented a bill by the federal government on say March 15 and they had to pay all their taxes by April 15 or face imprisonment, there would be an unimaginable revolt in this country - hey, that does not sound like such a bad idea, now that I think about it.
2007-04-11 05:02:12 · answer #2 · answered by True Grits 3 · 0⤊ 0⤋
If you are being paid with the end result that you are issued a 1099 form, it is required of you to estimate your taxes quarterly and submit to the government the amount of estimated taxes due each quarter. At the end of the year, you are again required to file if you have overpaid.
2007-04-14 05:51:14 · answer #3 · answered by jthartford 1 · 0⤊ 0⤋
Do they issue a 1099 or W2 did you fill out tax exempt on your w4 when you started working for them. Are you paid cash? Too many unanswered variables.
Make the investment go see a tax pro
2007-04-13 17:59:39 · answer #4 · answered by hpasi923 2 · 0⤊ 0⤋
You will have to go to your local tax office every quarter, half or year end to pay them. They will gve you any info you need online at your government's tax assesor's homepage.
2007-04-11 04:47:48 · answer #5 · answered by amandajfuller 3 · 0⤊ 1⤋
keep track of all you earnings and go to an accountant
2007-04-11 04:46:35 · answer #6 · answered by charitydowling 4 · 0⤊ 1⤋