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    Tahkisis's Avatar
    Tahkisis Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 16, 2006, 01:01 PM
    Pay not withholding taxes
    My husband is starting a job that they are not going to pay any taxes. How do I know how much to save to pay taxes in January?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 16, 2006, 01:05 PM
    First you can't wait until January for future years. The IRS doesn't like you making a large payment with your return. So you will need to pay estimated quarterly taxes. However, since we are in the last quarter that should not be necessary this time around.

    What you need to pay depends on your income, locality, etc. I would suggest getting a tax program like Turbo Tax. You can do What If scenarios where you estimate your income and deductions for the year and they will figure you tax liability and recommend your quarterly payments.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Oct 16, 2006, 02:23 PM
    Scott is right. You will need to make estimated tax payments using Form 1040-ES on April 15, June 15, September 15 and January 15.

    For 2006, if you file your return by 31 January 2007, no January 15 payment is due.

    He will owe a 15.3% flat rate in self-employment taxes.

    How much income tax is due depends on a variety of factors, not the least of which is your income and whether you have children.

    I can do a estimate for you free-of-charge if you send me your data to [email protected].
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