A community of 30,000 US Transcriptionist serving Medical Transcription Industry

New to IC in NJ, and I'm confused. Can anyone shed some light? sm - Confused

Posted: Mar 24, 2015

I just started working IC (1099) and while filing taxes I asked acct about this year and how to handle my taxes. Of course he told me what I could deduct and what would be considered business expense. I am only working PT and file jointly with my husband. The acct set me up for quarterly payments of over $850 for federal and $150 for state per quarter. We had a refund which went to the first payment due March 15th. I am confused right now because I would think the 1st quarter of 2016 should be due after the 1st quarter which would be April 15th. My next payment will be June 15. The quarter isn't even over until June 30?? So $850 plus $150 went for my 1st quarter and as of right now $2700. Is this on line with what you other ICs (especially in NJ) pay? I am new to this but as of the beginning of the year I have been taking out 25% thinking that would be for both fed and state. UGH, I'm confused.

oops, I said 2016 in there meaning 2015, sorry! nm - Confused

[ In Reply To ..]
..

Sounds like a lot per quarter...SM - Old Anon

[ In Reply To ..]
The quarters are March, June, September, and December. $850 a quarter is $3400 for the year for Federal. That sounds like a lot for part time work. Did he figure it on your income only or your joint taxes last year. Your husband can also have extra withholding from his paycheck and his withholding counts towards YOUR IC taxes too. I'd get a second opinion from another accountant. See if you can find a CPA who specializes in small business. Mine is and he saves me a bundle on taxes (all legal).

You cannot say whether - That is a lot or not (sm)

[ In Reply To ..]
Because everyone's tax base is different. If they're filing jointly, which I would assume they are, then it would be based on their combined estimated tax due, as you stated. But everyone makes a different amount, so what one person pays will most likely largely differ from another. I think that is actually a small amount, because I pay a lot more than that. Mine is more like between 2509 and 3 grand.

That's incorrect - April, June, Sept & Jan following year

[ In Reply To ..]
X

Just pay what the accountant - CaliMT

[ In Reply To ..]
Just pay what the accountant recommends this year. Then if you get a large refund when you file in 2016, you can adjust accordingly. My accountant initially recommended a much larger amount than what I am paying now, so I was able to adjust downward considerably. It's best to pay more than to end up owing, along with late fees and penalties.

Thank you all for your replies! Much appreciated:) nm - Confused

[ In Reply To ..]
..

Similar Messages:

May 11, 2010

This is my first full day of working. I just signed on and there were no jobs! On one of the two first days where we are only to do five jobs, I had a problem getting the last two. Is this a fluke or is it something to be expected? I don't know why they hired me. ...

Jan 24, 2011

Can anyone shed any light on this company please? ...

May 22, 2012

Can anyone shed any light on getting paid per the audio minute? I have only been paid per line and I can't even fathom how this would compare? Anyone have any experience this way? Please help ladies! Thanks!! ...

Apr 26, 2010

Is anyone else tired of the daily red light/green light game going on a certain Webmedx account. STOP WORKING, OK OVER TIME WE ARE DROWNING, OK WORK. OK STOP. I frankly cannot afford much more of this nonsense...... ...

Oct 07, 2010

...

Jul 03, 2012

I can't find MModal on Facebook. The only thing I see is called MModal Recruiting. Is that the only FB page they have? Somebody said something about Indians commenting on the page and I can't find it. Wah! TIA ...

Jan 19, 2013

The light is now red. ...

Feb 13, 2013

I have a friend who works at a local hospital and she told me that they are about to start outsourcing their central scheduling department. She said it is a U.S. based company that will be answering calls, scheduling tests, etc. She also said that they have already begun outsourcing the discharge followups and surveys. It is bad for the hospital, as they are losing staff, but I guess it could be good for MTs who just don't want to leave their home. Maybe they could work fo ...

Oct 07, 2010

Maybe this means we can get DT ...

Oct 07, 2010

xx ...

Jun 18, 2012

So, how long do we wait until we give up for the night? ...

Nov 02, 2012

Surely they know by now? ...

Jan 11, 2013

I was really clicking along this morning too ...

Apr 17, 2013

They are aware of the problem. I bet. ...

Dec 15, 2014

x ...

Dec 15, 2014

Anybody care to join me for an egg nog? Hot toddie? Hot buttered rum? ...

Oct 07, 2010

Well wonder if it is really up or not? Anyone else get on? ...

Nov 04, 2010

I promise I will bookmark it this time. :) ...

Nov 26, 2012

x ...

Jan 28, 2013

Are we supposed to wait until it turns green to work? ...

Jul 24, 2014

Hello my fellow beleaguered MTs. I feel your pain when I read these posts about the horrible conditions with the big companies and lack of an honest day's pay for what we do, but about a year ago I switched industries to customer service, working from home. I love that I can work from home still but get paid HOURLY with benefits! I work for Alpine Access/Sykes as an employee but have also worked for Live Ops which hires ICs. If you want to make the switch like I did and "just say no" to ...

Oct 06, 2014

Now comes Miller Time or Sweet Tea time or your drink of choice. ...

Dec 15, 2014

No clue. ...

Mar 24, 2015

Hi, having problems with ExpressScribe. 1) Downloading a file emailed to me, the name appears, but no data; the playback, etc. buttons don't lilght up. Asked the sender to resend in case there was an error. 2) Want to try other programs (dictation software), but don't know how to save the files that I have in ExpressScribe so that I may load them into another program. Thanks. ...

Jan 13, 2010

Red means it's down, green means it up...what does yellow mean? Sigh.....I'm glad I came to this board first before starting my shift. I was prepared for problems....... ...

May 20, 2011

I have been looking for a month and have found a wonderful job, pays well with benefits. So don't give up new MTs! Try the local hospitals...many still have their own MTs. Don't give up! ...

Feb 05, 2013

depnow still showing red light. How are you back in, or did you not disconnect from DQS? Not sure whether to try signing in again or not if the red light is still up. ...

Jul 14, 2013

today. She left a phone number with me to contact PLEASE, PLEASE, PLEASE, if you can work. They are in a bind. Well now, I said I could work a little while but I haven't been an employee for quite a while. YEAH, They still prove how organization should work, yeah?!!!!!!!!!!!!lololololol ...

Nov 12, 2014

x ...

Jan 06, 2015

First is upper management, 1 of 3 anyway because 2 of them are on vacation for a whole week, who finds a chair and then passes it down to lower management who then places it in front of the MT to stand on. The MT stands on the chair but first they must remove the still working fine bulb that is in place and throw it away. They are then given a defective bulb by the SR folks and told by management they must successfully place 10 of them per hour in order to meet the standards. After twisting a ...