Hi, I would Just like to know how I pay for tax as I am starting a new job as a nanny

What country are you in?
Will you be working as self employed?

What do you expect to earn in a year?

Are you a teen?

You file a quarterly estimated income tax if employer does not with hold. Must also pay Social Security tax.

Quote:

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Originally Posted by tabby08

Hi, I would Just like to know how i pay for tax as i am starting a new job as a nanny

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I live in Australia, yes I will be working as self employed and am not shore what I expect to earn in a year and I'm 20yrs old

These might help
TR 98/1 - Income tax: determination of income; receipts versus earnings (As at 14 January 1998)

Tax - australia.gov.au

If you are an employee than the employer will withhold taxes from you pay check. If you are an independent contractor, then you are responsible for paying your own taxes. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor

Assuming that you are qorking under an "E" visa, you will be liable for federal and state INCOME taxes and the self-employment tax (at 15.3%).

Realistically, you should expect to pay about 25% total in taxes to the IRS and the state. While quarterly estimated tax payments are NOT required in the first year, you WILL have to pay these taxes come 15 April 2009, so be sure to put 25% of each paycheck aside into a bank account so you HAVE THE MONEY come tax time.

Once you have filed your first tax return, you then have the legal requirement to file the quarterly tax payments, which are due on 15 April 2009, 15 June 2009, 15 September 2009 and 15 January 2010 for Calendar Year 2009.