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3 answers

put money aside, i have to do the same thing every paycheck
to make sure, i put 30% in a savings account, while the actual paycheck is the other 70%

and at the end of the year, your boss has to give you a form 1099 where it states how much money you earned over the year and do your taxes that way...
hope this helps

2007-08-13 15:58:20 · answer #1 · answered by magiceye81 3 · 1 0

Keep good records of your income and any expenses you have to make the income. You'll show those on a schedule C, fill out a schedule SE to calculate your self-employment taxes (social security and medicare). The numbers from the bottom of the two schedules will transfer to your 1040r t to calculate your total tax liability.

You will need to file quarterly estimated returns, and pay in the taxes quarterly.

2007-08-14 02:05:12 · answer #2 · answered by Judy 7 · 0 0

contact a tax consultant.

2007-08-13 22:58:44 · answer #3 · answered by helen b 1 · 0 1

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