Ask Experts Questions for FREE Help !
    candice1970s's Avatar
    candice1970s Posts: 1, Reputation: 1
    New Member

    Jan 29, 2006, 11:43 AM
    New independent contractor
    I just took 2nd job--as independent contractor. I don't want to end up having to pay at end of tax year (2006) so can someone tell me what I need to do to pay taxes throughout year out of each check I receive so I don't end up having to pay at the end of the year next year?? I'd rather do it on my own, without hiring an accountant. I know I could just set up a separate savings account and take out 20% or so of each check, but I'd rather actually send the money in quarterly or something, if that is even possible... as if it were coming out of my check... any suggestions?:
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,818, Reputation: 846
    Senior Tax Expert

    Jan 29, 2006, 12:34 PM

    If you do it yourself, you need to complete Form 1040-ES to determine your tax liability, then mail the quarterly estimated taxes NLT than the 15th of April, June and September 2006 and January 2007. You also should send in a quarterly estimated tax payment to your state (assuming you live in a state with an income tax).

    You can download the Form 1040-ES from the IRS website (
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692

    Jan 29, 2006, 08:06 PM
    And not to forget the social security tax that would be payable as an independent contractor on money earned.

    This is just a ball park figure, but we normally tell our independent contractors to put back 33 percent of their earnings to cover all the taxes that can be due. Most have some left out of it, but a lot will depend on your tax status and state you live in.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Independent contractors - Puerto Rico [ 7 Answers ]

We have recently contracted several Sole Proprietors(US Citizens residing in Puerto Rico) to clean our facility in San Juan, Puerto Rico. While we are familiar with the standard 1099Misc reporting required for IRS reporting, we have heard that we may be required to deduct a percentage for local PR...

My Girlfriend Wants to be Independent After 4 Years. [ 48 Answers ]

Hello, Well here's the story. Bare with me. We are young (please do not use this part as a reason), and we started dating when she was only 15 and I was only 16. We were both VERY mature for our ages, being she had been home schooled most of her life, and I had just matured through my...

Small Jobs Independent Contractor [ 2 Answers ]

In 2005, I worked primarily as an independent contractor, for several small companies and non-profits. Two of them were for over $600 and sent me 1099s, but three of them were under $600 jobs and didn't send me anything. Am I obligated to report these three? (I'm imagining the answer is yes, but I...

Cdn independent contractor works in you.S-tax exempt? [ 1 Answers ]

Hello, I am a Canadian and hold TN visa works in the U.S. MI since last Oct.2005 as an independent contractor. I live in windsor Ontario Canada and commute everyday across border to work at MI. My payor did not hold any tax from me, and he asked me to file a form 8233 because of the treaty...

View more questions Search