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As a newbie IC..... - Fool Me Twice

Posted: Aug 16th, 2021 - 8:20 pm In Reply to: Oh DUH! Thanks! - sm

I'd advise you pay quarterly federal, state and FICA taxes since you don't want to end up owing thousands to the IRS when you file your yearly return. Also, you must pay ALL of your FICA (you have no employer who pays half for you), so be sure to include 15.3% of your income for FICA taxes in your quarterly payments. If you're like me, you won't have any deductions and are going to get reamed on taxes!

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        As a newbie IC..... - Fool Me Twice