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abhishek_gandhi
Jun 3, 2009, 10:39 PM
I am an international student on post completion OPT.
(My student visa is still valid)

I work at a startup.

I did not fill any forms while starting work, and get paid monthly without deductions.

*If* I qualify as an independent contractor,
(1) Do I have to pay quarterly taxes?
(2) This would be my first year as an independent contractor... I think I read somewhere that in your first year maybe you can pay a yearly tax?. (not sure about this)

I haven't received any forms yet from the firm.

Thanks a lot,
Abhishek

abhishek_gandhi
Jun 3, 2009, 10:40 PM
Additional info: The startup I work for is an llc

MukatA
Jun 3, 2009, 11:59 PM
You are independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040.

In your case the income is not subject to SE tax at 15.3%. Read about estimated taxes: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor (http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html)

abhishek_gandhi
Jun 4, 2009, 10:16 AM
Thanks.

On the link you provided, it says you are exempt if you are a non-resident F1 student.

I am an F1 student so of-course I am a non-resident. BUT, there is something like "resident for tax-purposes"... so do I have to look into that, or am I good.

MukatA
Jun 5, 2009, 12:56 AM
On F1 you are nonresident for 5 years. You must file nonresident tax return.
Read: Your U.S. Tax Return: U.S. Tax Filing Requirements for Non-Residents (http://taxipay.blogspot.com/2008/03/us-tax-filing-requirements-for-non.html)

AtlantaTaxExpert
Jun 6, 2009, 10:01 AM
To be specific, you will reprt your income on Schedule C and Form 1040NR. Since you are likely exempt, you need NOT complete Schedule SE because you are NOT liable for self-employment taxes.

abhishek_gandhi
Jun 12, 2009, 10:17 PM
Thanks... but by June 15 I only need to fill schedule c... right?
I suppose 1040nr is for April 2010?

AtlantaTaxExpert
Jun 15, 2009, 07:53 AM
You CANNOT submit Schedule C by itself; it must be attached for a Form 1040NR.