i need help with my finances?

Question

i have a job but they dont take taxes out of my check and i dont want to owe money at the end of the year for that. Is there someone who can help me with this or help me figure out how much i should take out each month to avoid oweing taxes at the end of the year

Answer 1

They are paying you as an independent contractor. They are saving on payroll taxes, such as the employer's share of social security and unemployment insurance. They are also saving on disability and worker's compensation. If you get hurt on the job, you won't be covered by worker's comp.

A contract employee has to meet certain criteria to be paid as an independent, an employer can't just decide to make you a contract employee. Contact your local labor department to see if you actually are a regular employee or qualify as an independent contractor.

If you are an independent, plan on paying about 30-35% or more of your gross pay in taxes, depending on the tax ratea of your state

Answer 2

Do you just work like 20 hours a month ?
( less than $5000 a year , they might not take out taxes )

Did they accidentally list like 5 exemptions ?

Go to payroll and ask why there are no deductions ,
Maybe this company operates underground ?

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Answer 3

Yes, I can help but I do not want any personal info from you. Email me what you make, the number of exemptions you wish to claim and your year to date income. I'll return your info and show you how to do it on your own. Why doesn't your present employer take out your taxes?

Answer 4

when you fill out your 1099 - a form you have to fill out when you begin employment anywhere, you need to claim how many dependants you have (wife, kids...). If you claim 0 they will take out the most money from your taxes and you will get the most back at the end of the year...visa versa if you claim 3 or 4 they will take out little but of course you will get little back...

Answer 5

Here's a tax estimator - http://www.dinkytown.net/java/Tax1040.html