1099 and Taxes (pay, income, business, balance)

[goodlife36]

I spoke with an H.R. Block associates today regarding my estimated tax payment for January. I am so mad. I set aside 30% each month to pay my taxes. She said I have to pay state taxes too. It did not even occur to me to save for state taxes too. I ended up paying $2000+ more than I expected. This really sucks.

[Lowexpectations]

You didn't know you had to pay state taxes?

[Pitt Chick]

Originally Posted by goodlife36

It did not even occur to me to save for state taxes too.

Seriously??
Did you also forget your local taxes?

[NewbieHere]

My kid has to pay estimated tax every quarter.

[jw2]

I assume you are referring to 1099-misc. If so, you may have self employment taxes too (social security and medicare) to consider. You get to pay both halves too although you can deduct the employer portion so that helps some. https://www.irs.gov/businesses/small...medicare-taxes

Some cities also have an income tax. https://www.thebalance.com/cities-th...-taxes-3193246

[goodlife36]

No I did not. My employer usually takes care of this. This is my first 1099 job. I just set aside 30% of my income. She did a calculation that includes Federal, Employee Medicare and Social Security. She also told me I would have to pay State and City taxes too. I called them when I got the job but I do not recall the person I spoke to mentioning State and City.

I finally transitioned to employee status and I make $200 less per month than I estimated. This does not
include deductions. I am getting more poor by the day.

I should have not been a 1099 employee in the first place. I had to bust my hump to prove myself. Can you believe that?

I am grateful to God for all of my blessings. I know there are people who are in a worst position. I can not help being angry. Two steps forward and one step back.