Tax for 1099

dsgm

I know this is a tech forum but i am in a bind, i am new to this paying of taxes, i worked a 1099 late last year for about two months so i know i need to pay something right ?

Anyone here ever done it before ?

How do i calculate how much i need to pay ?

I know where to pay but how much percentage is it of what i was paid, do i need anything else from the company that hired me ?

thanks in advance

DigitalZeroOne

I have a licensed CPA handle my taxes every year, but that's because I'm self employed. If you don't want to get a CPA, I would try Jackson Hewitt or H&R Block.

pramin

Locate last years tax return and see what your tax rate is. Go on line and download and print 1040-ES forms. Deadline for 4th qtr 1040-ES is 1/15/15. Below are your options.

1. Based on tax rate from 2013; pay that amount on 1040-ES by 1/15/15. Ex. Tax rate 20% 1099 income - $1000. 1040-ES pymt - $200.

2. If you have enough deductions and have paid at least 90% of your 2014 tax liability; DON'T complete 1040-ES and when you file your 1040 the tax for your total income will be calculated including the 1099 income.

At the end of the day you need to pay at least 90% of your tax liability before you file. The X factor is do you want to pay or get a refund.

fuz1on

Independent Contractor (Self-Employed) or Employee?

Quarterly tax payments...