DADDYUNDICH
Jan 19, 2013, 12:40 PM
Do I need to pay taxes on taxed money coming in on a monthly base
AtlantaTaxExpert
Jan 19, 2013, 01:09 PM
It depends on the nature of the income.
Salary/wages under Form W-2 have taxes withheld from each paycheck.
Contractor income has NO money withheld, so you have to make quarterly estimated payments usi.g Form 1040-ES.
Social Security is not taxable if that is your only income.
Pensions will normally witjhpld income taxes for both federal and state if you ask them to.