question about quarterly taxes
Posted By: newbie IC on 2006-03-24
In Reply to: you need to be paying quarterly estimated taxes(nm) - nuther IC
I have been trying to figure this out and I haven't quite understood it yet, but since it is posted, here goes, where do I send the quarterly taxes and how much? I sent an email to my state tax commission about this, but what I got back from her is that it is not necessary to pay quarterly, so that was not very helpful. Please excuse any typos, I am very tired.
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
Quarterly Taxes
I'm sure what state you live in, but in NY State I pay quarterly taxes to Federal and State. I get coupons in the mail at the beginning of the tax year, the deadlines for payment are in April, June, September and January. Basically you pay as much as you want towards your estimated taxes. I believe there is a percentage as to how much should be paid in order for it to be most beneficial to you at the end of the year. Not sure how helpful this is, but I'm surprised your State is saying it's not necessary to pay quarterly unless you can just pay a lump sum estimated tax amount.
quarterly taxes
You need to either go to the IRS website or call an IRS office. They will direct you correctly and give you the proper paperwork, etc to file quarterly. If you don't file quarterly (depending on your circumstances, children, etc) you stand a chance of being fined. The website also defines as to whether you should file quarterly and lists the circumstances where you don't.
Quarterly Taxes
I send in 35% of all that I have made up to the date taxes are due. You do not need to categorize it, just make sure you send in enough. Your percentage may be lower depending on other factors...spouse income and his/her withholdings, deductions, business expenses, etc. But 30% to 35% should be pretty close.
It is better to send in a little too much because if you owe (as I did for 2005, my first year filing quarterly), the IRS will send you a bill for interest for the amount you underpaid each quarter. Plus, of course, the amount under paid.
You can pay quarterly taxes yourself without
the help of an accountant. You can download the forms from the IRS. If you are married you can have extra taken out of your husband's check instead of paying quarterly taxes.
I think most people figure on saving 30% of their income to cover taxes.
I don't pay quarterly taxes. My husband
as 0, so they take out the maximum possible, PLUS he has them take out an extra $100 out of every check to help cover taxes on my income. Usually when we do taxes we owe an additional $1000 to $1200 after what he has taken out of his check, my business expenses, and our itemized deductions. We just write a check and send it in with our taxes.
What are the dates quarterly taxes are due?
x
New to IC status, ? re: quarterly taxes
I apologize if this not the correct board to post this question. I began working as an IC the last couple of months last year and didn't make enough to have to pay taxes. However, for the 2008 tax year I will need to pay quarterly taxes to avoid being penalized. Is this something I can set up myself or do I need an accountant?
I have a full-time job that does take out taxes (not as an MT) and what would be the best way to determine the percentage I should be paying on the IC MT income?
Any advice appreciated. Thanks!
you need to be paying quarterly estimated taxes(nm)
x
Most ICs pay quarterly taxes. Go to the IRS website and print
off a form, send it in with taxes. IRS may send you some forms after that, if not you can pay as above.
For IC MTs, when you pay your quarterly taxes that you calculate do you also add in the 15% social s
First time doing this.
Do you pay quarterly taxes? Can you pay Social Security (sm)
I have always just filed at the end of the year. Does everyone else (IC) file quarterly?
Also, if I want to pay into my social secirty on my own, can anyone tell me how to do that?
Thanks!!
Any ICs pay their taxes quarterly online at the IRS site?
I am thinking of doing it and just wondered how well it worked. Can you also pay your state and SE taxes there too? It really wasn't very clear online, at least to me.
You have your W2 showing very clearly those taxes were paid. MQ is responsible for those taxes
because you were a statutory employee. That is the responsibility of the employer to pay those just as though you were an employee.
I don't pay quarterly.
I pay my taxes at the end of the year when I file.
Quarterly
I have been an IC for 16 years now but was married before and so had my husband overwithold. Then the last couple of years held a part-time in-house position and so overpaid that way. But this year will probably keep an eye on things and see what my taxes will be after about June and if it is bad, will make a payment then. I will have a lot of deductions this coming year - 2007 - so that will help. When I do my 2006 taxes I will just see what I owe and go from there. If it is easier to send in $400 four times a year instead of April 15th, will do that. I have never had to pay that much in penalities when I did not do quarterlies that it bothered me.
MQ quarterly bonus
Yes, MQ does still pay quarterly bonuses to their SEs. We earn $50 for each pay period we produce 10,000 lines and another $10 per 1000 lines after that.
quarterly bonus
Do you still get quarterly bonuses as an SE with the new incentive plan and how is it now going for you?
quarterly bonus
Do you still get the quarterly bonus for the SE incentive program and how is it going for you?
When is MQ getting rid of the quarterly bonuses? SM
Does it start before or after the OCT bonus?
Your first year you don't have to pay quarterly...sm
but of course, you better be setting the money aside. It's the second year where the government will ask you to pay quarterly. You only have to pay 100% of what you paid the year before in your quarterly payments. Ex: in 2006, you start your first year as an IC. You earn $25,000. Your taxes are $5000 which you pay as a lump sum on April 15th, 2007. In 2007, you pay your first quarterly installment on April 15, 2007 of $1250, with equal payments of $1250 at the next three payment due dates. At the end of 2007, you realize you made $45,000. It is not a problem that you only withheld taxes for the $25,000 amount. You will just make up the difference when you file your taxes for 2007 in 2008. Note: "bump up" your payment amount a little bit to make sure you clear the 100%, i.e. pay $1300 a quarter.
don't need to pay quarterly the first year...sm
the IRS determines you should be a quarterly payer when you file your taxes and show you have no withholding from your job. The next year you file quarterly but only have to pay 100% of what you made the year before, no matter how much you make or don't make this year. Ex: You being working as an IC this year 2006. You don't pay quarterly but when you file your taxes in April of 2007 for tax year 2006 you realize you made $10,000 and you owe $2500 in taxes for earnings in 2006. In the year 2007, you will need to make four equal quarterly payments equalling $2500, i.e. $625 (but round up a bit to $650). Your first quarterly payment is due April 15, 2007.
pay quarterly or withhold...sm
Last August, I was dropped from employee status to IC. I don't know of anyone else in my area that works from home as I do so I have a question for any of you that are IC's. When you file taxes you get a 1099 form from the work site, do you keep out money in a separate account for your taxes the following year or do you pay in throughout the year?
So in August of 2005, you went to IC status. You will owe income taxes including self employment taxes on everything from August on. By April 15, your tax man will have figured out what you need to pay. By April 15, this year you need to either start a) filing quarterly or b) increasing husband's withholding so that all your taxes paid for 2006 are equal to or greater than what you owed in 2005. For example, say in 2005, you made $10,000 as an IC and say you owed $2500 in taxes. Your husband made $40,000 and owed $8000 in taxes. In 2006, you would need to have $10500 withheld from his checks or a combination of his checks and your quarterly filings. And don't go into you pay more taxes as an IC than an employee. We've had that discussion up and down these boards these past two weeks. Don't even go there.
quarterly, now I just pay it all in April...nm
x
I take out 35% of each check and pay quarterly. nm
zz
Quarterly pymts
You can print the forms off through the IRS web page, send for them or if you use Turbo Tax they print them for you if you need them. As long as you have your cancelled checks you should be fine and send them in with a form and your SSN.
Just as above. It's part of what you pay quarterly.
When you're an employee, your employer pays 7.5 and you pay 7.5. When you're self-employed you pay the whole 15%. Also, you should be making estimated quarterly payments to avoid a penalty.
Quarterly Tax question
I pay my taxes when I file on April 15 or August 15 if I get an extension. I have a bookkeeping service that does my taxes and you don't have a choice but to pay into social security - i don't know how you have gotten around it. I would be interested to know, though.
The IRS will probably penalize you if you DON'T pay quarterly.
The first year it's usually tough to know what your quarterly payments should be; however, after that, the IRS will send you quarterly payment coupons so you're not the one to determine how often you pay--the IRS makes sure of that.
You pay them quarterly. You can download
forms from IRS website. If you have a spouse you can have extra taken from their check instead of paying quarterly.
You can do quarterly or not-- depends on what you want - sm
to do. I did quarterly at first but then said forget this, no point as my DH always had extra taken out of his paycheck, so why pay them then get a big refund, not too bright. So now as I I make more and have less write offs I actually owed in 2006, no penalties (refund year before), and in 2007 we also got a refund...had more write offs. I also started a very PT job with my kid's school and now have an extra $100 a month taken out of that to cover my butt for SE taxes. So I get out some, have my taxes taken care of at the same time and get a little extra on top of my MT money. My taxes generally come to 10% of my income, after a joint return, 2 kids, kid tax credit, standard deductions (cannot itemize anymore, not enough). So shooting for a refund, not too big but with enough cushion in case my income actually goes up.
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
Is MQ still paying quarterly bonuses? SM
I was expecting to get a July 15 bonus. Has this changed? TIA
Well, since you work more than one job, your quarterly bonus is probably not what it could be...sm
...and I am sure that is why you will stay.
I always paid mine quarterly - sm
And if I was short, I just didn't get as big of a refund at the end of the year. I have never had to pay at tax time though.
Quarterly Drug Index, NM
z
I was never disciplined enough to pay quarterly so I asked sm
the company I worked for to change to employee status after paying a high tax bill, which they did for me. Yes, it comes out to be more than if you are an employee if you keep good records such as phone bills, internet connection, stamps, paper, printer supplies, computer, ink, calculator to add it all up, etc.
For me, it is better to have a lower check because they are taking the money out up front. As an IC, you just need to put it in a savings account until the quarter is up and you still owe the same amount but it NEVER worked for me as I spent every penny and then cried at tax time every year.
Go to employee status is my advice.
File quarterly. There are four vouchers
per year with which you send payment, due dates are on the vouchers. Just keep track of how much you owe the gov't and don't spend the tax money you owe is all I know to tell you.
Paying quarterly vs yearly
When I read the post regarding going from quarterly to yearly for IC taxes I got excited. I used to pay yearly until my tax guy told me to pay quarterly which I reluctantly started doing. All those years I paid yearly the IRS continued to send me quarterly tax payment vouchers which I ignored. Ok, so my point is, I just got off the phone with the IRS, explained my situation, IC who works production, doesn't make the same month to month, year to year and she STILL says I HAVE to pay quarterly and at the end of the year send in form 2210 which I think she said is an annualization form which will enable you to escape any penalties for sending in less if you made more last year. I do know if you have children there are circumstances that will enable you to file yearly rather than quarterly but I have no children at home so I didn't really pay attention to that.
Can anyone that is an IC tell me when you send in your quarterly Federal and SS is there anywhere
you can check to make sure your money had been credit properly to your account to avoid problems at the end of the year.
I used to get Perspectives from the HPI people. It was a quarterly MT mag.
Don't know if it's still available, but I think I'll check it out now. You've got me curious.
Forgot to mention, taking out quarterly
;
how do you get away with paying yearly? the IRS determines if you should pay quarterly so
unless you are having a great deal withheld from hubby's check and only paying a little bit from yours, I do not see how you can be complying with the law by paying yearly. The IRS doesn't like that. They want their money NOW!
Show of hands, plz: If MQ is getting rid of the quarterly bonus, how many SEs will leave? (sm)
x
I also work for both Spheris and MQ. If quarterly bonuses are eliminated I too will still be with M
x
That should be 15% social security of your gross quarterly earnings also. n,
:
I send one quarterly check to the Dept of Treasury which --sm
distributes to appropriate categories. I also send a separate check to NC Dept of Revenue for state taxes.
It's an e-zine that you download for free and read. It's still quarterly. Just in case anyon
x
THANK YOU! That is my point. She still pays taxes, her DH still pays taxes...
so who exactly is getting cheated? And just who are you talking about when you talk about whether it is "fair" or not. I don't give a crap how much taxes my neighbor pays. It's none of my business. And if I found out they were paying less in taxes than me, I would ask them how they heck are they doing it so I can do it too!
I just want ask, is it necessary to get personal and insult? You disagree with me, fine. But I've been called a liar, a cheat, a no-ingetrity thief, my intelligence has been insulted, and I have had my parenting skills questioned. That is a little over the top. If you cannot debate an issue without resulting to personal attacks, then YOU are the stunted one!
It is a very good thing that some of you work at home, ALONE! You are sorely lacking in people skills and diplomacy. Let me guess, when you worked in the office you were one of those girls who didn't like to share her desk, griped if someone dropped a crumb on your desk, and kept track of everyone's breaks, lunches, and line counts just so you could tattle to the supervisor! I've worked women like you, it was like working with kindergarteners. That's why I came home to work. Do us all a favor, looking in the mirror, count your wrinkles, and realize that this isn't high school anymore!
I do pay taxes --- MOST DEFINITELY PAY TAXES
I also keep track of all of the write offs!!
Do you also pay your own taxes?
that means it works out to about $13 an hour.
Taxes
Do you think when you are working for someone else that "they pay your taxes?" We all pay our own taxes except for the additional 7.5% of SS as an IC you pay. And I will bet that as an IC/MTSO I pay a lot less taxes than you do and I make more than you do. I cannot understand the mentality of people that say "you pay your own taxes." Your employer just "holds your money and pays your taxes." I am just responsible enough to put the money aside and pay mine but as a IC/MTSO with all my deductions I pay on 20 to 25% of my gross and I am able to put aside $700 to $1000 per month in my retirement which is totally deductable. Your statement is totally incorrect.
|
