IC Taxes
Posted By: MarineWifeMT on 2007-11-16
In Reply to:
Does anyone have any information on how to find out exactly what I am going to owe in taxes or some kind of tax calculator? I have been trying to save money out of every paycheck but I want to make sure that I'm going to have enough when tax season comes around. Hopefully someone can help me as this is the first time I will be paying my taxes.
Thanks!
Amanda
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
MT taxes
Hello, i'm a new MT, just got hired last month as an intern. My question is, is there anything special that you have to do different with your taxes? My contract states i'm a "independent sub-contractor" and i was just wondering if you still do your taxes with everybody else in Jan. or if you have to do yours every 3 months or something? 
Any help i would greatly appreciate! Thanks.
I pay up to 39% in taxes but that is because
I am responsible for paying in DOUBLE the taxes, i.e. the taxes that my employer would have paid half for. I deduct my internet, mileage, supplies, percentage of home/office space, stamps, mailings, tolls, percentage of phone and utilities, etc.
taxes
How do you figure the % of your home/office space?
Taxes
I have never had to take my own taxes out of my check....HELP? Are there any websites that can help me calculate how much to take out?
Thanks.
Taxes
Thanks for all of your help!! It was quite useful.
Amanda
taxes
I called my H&R block and they told me to take out 20% after I told them about what I thought I would be making. I told them a little more, just in case.
Taxes
10% off the first $10,000
33% for anything after that....
for me anyway.
Taxes
If any of you are IC you know that the little stubs you send in with your check every few months has a date on it when the taxes are due. I forgot about mine and sent mine off 3 days late. Anyone know if that will affect me in any way, like a late fee or something?
Self-employment taxes...sm
If you are self-employed, you must pay your taxes quarterly, regardless of other income in the family. You are responsible for the federal income tax as well as state tax. You can go online and pull off a state estimated tax form(voucher) and same for federal taxes (1040-ES/V) form. Both are due quarterly. Once you get going, it won't seem so foreign to you.
No, that's not why. You pay 39% in taxes because you have a high income.
The actual percentage is only 15.9% for medicare and social security taxes as a self-employed person. That percentage is what people are referring to when they say self-employed people pay "double" taxes.
Not the OP, but you can pay your taxes once a year at tax time. Estimated
s
I've been an IC for five years and never had to pay more than $600 one time a year for taxes...
I have so many deductions that I almost don't pay taxes. Yes, I also have a tax professional do my taxes. I keep a clear plastic envelope on my desk and anything I buy related to the business or phone expense, % of electricity/gas, health insurance, medical expenses, etc., all go in the envelope so at the end of the year I'm not searching everywhere for my deductions.
Anything you use for your business is deductible, but used items. If you buy a used computer on e-bay it isn't tax deductible. It has to be new to be a deduction.
If you don't want to get slammed with a huge payment due, estimated quarterly taxes
s
Whoa..how much can you make on eBay before you DO need to file taxes on that income?
s
|
