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How to pay taxes on income earned.
I have two jobs right now. My full-time job takes my taxes out, but my other job is cleaning an office and they don't take the taxes out. I get paid $125 a week to clean the office. I get a check from the corporate office without t he taxes taken out. They told me that at the end of the year they will give me this paper and I file it with my taxes and they will take all of my taxes out for the year. My questions are: Is there anyway that I can pay the IRS my taxes when I receive each check so they won't take it out of my income tax return? How much will I need to pay in taxes every week? And How do I go about back paying my taxes for the past few months? I just want to make sure that I get at least the same amount of money back for my income taxes next year as I have the previous two years. I use that extra money to pay my daughter's daycare for months at a time. Thanks!
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Your cleaning job income is your income as self employed. It is reported on schedule C or C-EZ (Form 1040). Read 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 |
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Your gross "office cleaning" salary is $6,500 annually. You will owe about $930 in self-employment taxes. Your income tax bill depends on how much you make in the other job.
The best way to deal with this is to maximize the withholding from your regular job. That way, you do not need to make quaterly estimated tax payments and you will not get a "nasty" surprise when you file your 2008 tax return. Just submit a new W-4 with ZERO exemptions claimed. |
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