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Moonhead
Jul 8, 2007, 02:47 PM
My daughter is employed ss a contractor for a large US corp. She is currently 1099 status. Does she need to make quarterly FICA paymnets or for that matter quarterly state and federal contributions?

AtlantaTaxExpert
Jul 9, 2007, 07:16 AM
She maikes quarterly estimated tax payments using Form 1040-ES for the federal return and a state-equivalent form for whichever state in which she is living.

The Form 1040-ES payment INCLUDES the self-employment tax payment (SE tax is the equivalent of FICA taxes; just TWICE as high).