what do i need to do to prepare for paying my taxes? do i just need to wait until my w-2 comes in, then go?

Question

from there? how simple is paying taxes?

sorry for the questions. i am a worrier who think i will go to jail for not paying taxes (even though i plan on paying them).

Answer 1

You're going to have to wait until the year is over to figure out your taxes, as you can't file until you've earned all your 2007 income. The only good thing is that your payroll dept should be taking out taxes for both your federal and state (if you live in a state with a state income tax). To be sure, you might want to talk to someone in payroll to help stop your worries. The only thing that could throw a monkey wrench into that though is if you had a lot of income from other than wages. That your payroll dept won't know about, and won't take into account with your paycheck. And, no, as long as you file a tax return, and pay your taxes if you owe anything you won't go to jail.

Answer 2

That's pretty much it. As long as you filled out your W-4 accurately so the right amount of taxes are deducted, wait until you get your W-2 at the end of the year, fill out the forms and send them in.

Quit worrying!

Answer 3

Its simple to pay taxes because your emplyer is withholding taxes from your check each pay period.

If you have never filed taxes before, peruse www.irs.gov so you can get a handle on what forms that you will need to file.

Answer 4

First of all, don't panic. You won't go to jail.

You wait for all your income documentation (W2s, 1099s) and gather your deduction info (if any). You can either prepare your taxes yourself or take them to a tax preparer to have them done.