Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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Why don't you want to pay quarterly? You just send in a voucher with your payment every quarter. I think you can pay electronically as well. It's really not that big of deal.
If you are...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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What are the benefits?
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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He's in for a big surprise when he goes to file for social security benefits.
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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Are you going to be paid in cash? If so, do it "under the table."
My father does side jobs left and right and everyone always pays him in cash...he does offer a "cash discount." Hes never had...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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There are a few ways to handle it. One as an independent contractor getting paid a wage per hour as a non-employee. Then you get the 1099 Misc and file end of year. Depending on how much you make,...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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/\ What Bonnie said /\
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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If you are going to maintain your first job and use this as a second, supplemental job you might want to increase the amount you withhold on job one by decreasing the number of dependants you claim...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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I wouldn't say there is no reason to pay the government - since it is against the law not to claim that income. In my opinion, working side jobs here and there is different then working regularly...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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Approx. $1000 a week, for about 6 months or so. $24,000. How bad will the taxes be? and I can still just file my taxes at the end of the year right? Or I HAVE TO pay quarterly?
Is...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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Hi guys,
Hoping I can get some info from people who are knowledgeable in this area.
I am currently employed in a full time job. My ex-boss from previous job came to me and ask if I would like...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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Im starting to think my gross income will be chump change after all those deductions...
Specially since I am in NY.
I don't have any expenses as well. It will just be my income - whatever...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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If you don't have a ton of expenses as a contractor, be prepared to pay a lot in taxes.
I never paid quarterly, I did what your accountant said, just file at the end of the year. If you owe less...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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When factoring in my normal job and contract, it said I owed about 2500 total and said there would be a penalty but I think it was only around 25-30 dollars when I did my taxes online (maybe it...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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How much contractor income do you anticipate making for the year?
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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Taxes are 15%ish for SS and Medicaid, tack on income tax and you will be well beyond 1K.
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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I'm in the same position - the last couple years I made around 6K part time as a contractor( filing single) When only working my normal fulltime job I would usually get back around 1500 or so in...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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I always tell my clients figure 35-40% in taxes on the net income (SE + federal + state taxes) and being you live in a high income tax state (NY) I'd figure on the high side unless you're over the...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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The amount of taxes withheld is supposed to match your income level throughout the year. Lets say the OP works as a contractor the first six months of the year and decides to make quarterly payments....
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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There are rules for withholding and penalties. If you pay as much as you did the prior year or 90% of what you owe, there is no penalty I believe (your accountant should help in this regard) and you...
Questions regarding independent contractor - new to this
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Thread created 01-20-2013 by ff4930
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I'd suggest fielding all of your questions to your accountant. She knows your tax-related details better than anybody here. She can also go over with you any potential deductions you might have...
