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Old 01-19-2010, 11:31 AM
 
218 posts, read 556,770 times
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I am a government contractor and the agency I'm working for is not and will not withhold my taxes for me. How can I pay my taxes or have them withheld so I don't get hit with any fees and a massive tax bill at the end of the year?
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Old 01-19-2010, 11:42 AM
 
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Estimated Taxes: How to Pay Your Estimated Taxes Quarterly
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Old 01-19-2010, 11:48 AM
 
Location: Baltimore
1,749 posts, read 4,455,050 times
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You are required to make quarterly estimated tax payments. And if you live in a state that has an income tax, you must also make quarterly payments to them. The link to the IRS follows; you should check your state department of revenue for the state forms.

http://www.irs.gov/pub/irs-pdf/f1040es.pdf
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Old 01-19-2010, 11:51 AM
 
Location: Martinsville, NJ
5,925 posts, read 6,889,290 times
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Quote:
Originally Posted by OuttaFlorida View Post
I am a government contractor and the agency I'm working for is not and will not withhold my taxes for me. How can I pay my taxes or have them withheld so I don't get hit with any fees and a massive tax bill at the end of the year?
Go to the IRS website and start learning about paying your estimated taxes. Then download the appropriate forms, put it on your schedule, and pail in a check every quarter. Do the same for your state withholding.

Since it's the first time you're doing this, you might want to talk to a CPA, just to be sure you get it right.
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Old 01-19-2010, 12:13 PM
 
218 posts, read 556,770 times
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I enrolled with EFTPS (electronic federal tax payment system) and calculated my estimated quarterly taxes. My understanding, is that this is an online 1040 form with electronic payments from my checking account?

I'll check on my state now. Thanks everyone!
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Old 01-19-2010, 03:09 PM
 
Location: southwestern PA... where the nest is now empty!
12,105 posts, read 13,940,048 times
Reputation: 18424
Along with the feds and the state, we have to pay quarterly estimates to our township (1% wage tax).

Check to see if you also need to pay that one!
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Old 01-19-2010, 03:36 PM
 
Location: Bradenton, Florida
27,237 posts, read 26,926,017 times
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Additionally, you need to see which things you can reasonably expense to offset your income--but the information about estimated tax is valid. Don't forget that your tax liability will include self-employment tax.
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Old 01-19-2010, 11:49 PM
 
9,714 posts, read 12,345,017 times
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It's not too hard really to set all that up. I still choose to send a check every quarter so the state and feds send me the forms and envelopes to mail all that in every quarter.

Also there are a lot of things you can deduct from your taxes as a 1099 contractor. Cell phone used for any work purposes, health insurance, mileage, food and travel expenses when on the road, home office deduction, etc. Anything that has to do with your work you can deduct somehow.

If you are unsure I would go to an accountant and it's probably worth paying for professional help at first to set up your own books and learn what you can deduct and how to calculate your taxes.

Believe me it's not a big deal once you learn it. I prefer it to withholding and W-2 work.
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Old 04-23-2011, 01:46 AM
 
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im a self employed nurses aide getting paid by bank checks from my clients checking account how do i determine how much i pay in taxes in order to recieve a return
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Old 04-23-2011, 08:32 AM
 
Location: Martinsville, NJ
5,925 posts, read 6,889,290 times
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Quote:
Originally Posted by mariachaca View Post
im a self employed nurses aide getting paid by bank checks from my clients checking account how do i determine how much i pay in taxes in order to recieve a return
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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