Quote:
Originally Posted by Bill Keegan
It sounds like you've not paid any taxes on that income so far. Since you are self employed, it's highly unlikely that your client is withholding any tax on your behalf, or paying anything into social security. These become your responsibility when you are self enployed. When you file your income tax report for the year, you report the income you received, and pay the appropriate tax. If you haven't done that already, I suggest you look into getting it done soon.
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What he said. And, as other posters have mentioned, you need to file quarterly estimated income tax returns for both federal and state (assuming your state imposes an income tax). There are calculators available on the IRS and most state revenue websites that help you determine how much you should be paying.
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