Question regarding taxes for IC

As a subcontractor performing medical transcription, do I have to pay self-employment taxes in addition to Federal Income Taxes? ...

I owed a bit of money for last years taxes, which I do not have so am making monthly payments. I sent in the form to request to pay monthly, but have not heard anything back. Has anyone done this and is this unusual (that I have not heard back anything)? I was reading all these websites and they were saying just keep mailing in what you can each month until it's paid off and then you might owe penalties, which I understand. It stinks, but right now I have more bills ...

I worked as an independent contractor for the first 5-1/2 months of 2009, but when reading the IRS definition of independent contractor, I realize that description did not fit my position. Will I still need to pay self-employment tax? ...

Hi, Just accepted an IC position from a private individual. I now have to deal with estimated taxes,, been a long time so I have questions. Pretty basic, been reading,, I will not recieve a check prior to May 31, so I will be doing ET for the first time September 15, 2010. How do I calculate how much to send? I have heard that IC should have a separate checking account and make the deposit in there of the IC check and "pay" myself from there? Any thoughts, advice, s ...

I would like input on whether you do your taxes yourself or take them to a professional? I had a local accounting firm do mine for a few years and now they are just H&R Block and the rate I pay keeps going up. I have looked at a few do your taxes online yourself and H&R seems to be reasonable online (half of what the place charges). Who does their taxes themselves and what is your experience with it? Thanks for any help or advice you can give. ...

I am an IC and am being choked by self-employment taxes. It seems like I work to pay the taxes. Anyone have any tax advice? Does anyone else feel this way? ...

I have been an employee since the start of my career and never had to worry about taxes. For some time I have been entertaining the thought of taking an IC position on the side, but then I was told that as a self-employed person I would be carrying 35% tax liability. That scared me out of my wits. I am sure this does not apply literally, but I want to know how things would pan out for an IC who earns $45,000 in a calendar year. How would you break things up as expenses in ...

For those of us lucky enough to be away from this horrible company does anyone know when we can expect to get our W2 forms? ...

I received a message today while filling out an application with Encompass stating, "Unfortunately, we are unable to offer employment to residents in your area at this time due to the high cost of doing business in your state. We apologize for any inconvenience." I live in Upstate NY. The property taxes are a killer but to be denied work because cost of living is unaffordable? ...

out, see your federal tax booklet, Schedule M, Making Work Pay. This should help you in not having to pay as much in to the IRS. HTH ...

If you work out of your house as a ful-time employee, can you still have tax write offs like you are an I/C? TIA ...

Did I miss something? I noticed on my paystubs that Medquist/Ultipro is now taking off my local taxes. Did we get an email about this? I always had to estimate my local taxes before. ...

I just switched to an IC position on January 1, and I'm trying to figure out how much I'm going to need to pay April 15. I've always been an employee in the past. I plan to talk to my accountant, but I'm trying to figure out a ballpark amount to make sure I've held back enough. Is the added 7.65% just paid to the IRS, or do we need to pay extra to the state as well (Kansas) in addition to amount I will already pay them? Thanks for any help. ...

If you are an independent contractor, do you have to pay self-employment taxes? ...

ok here's the dirt from payroll. If you are paid a lump sum such as PTO, the IRS considers it "supplemental" and taxes it at 25%! So, if you're considering leaving, best to take all the PTO you have before. Wish I would have known that before. As far as paid breaks, I didn't realize it was "state" dependent...so thanks for that information. Cudos for KY this time requiring a break after 4 hours. Either way, it would not have mattered to me as I took a break whenev ...

Has anyone received their W-2 from M*Modal yet, by any chance? I started 2012 as an employee of DSG, woke up one day to find out I was an M*Modal employee, and took two days to decide to decline the M*Modal job. So, I worked just over a month with DSG in 2012 and less than a week with M*Modal. M*Modal has my mailing address since they mailed me my final paycheck and letter confirming my termination of the job. At some point after DSG was sold to M*Modal, I tried to acce ...

Going to be working as an IC and curious how to figure what I might need to be putting back for taxes. I did this years ago and paid quarterly taxes, but can't remember the formula I had to use to figure what to send. Seems like it was a percentage. ANyone direct me to where I can find out short of actually going to see an accountant. TIA. ...

I recently started working as an independent contractor for a transcription company and understand that I have to take care of the tax side of it myself. I'm new to this and am not sure what I need to do as far as paying taxes go. Any insight would be greatly appreciated! Thanks! ...

when my preparer filled mine W2 in it showed Nuance on the W2 but still transcends number and no mention of transcend on the W2. I believe in the past it showed DBA Transcend Services, but that has disappeared. She used the information they supplied, but it was a change from last year in name but same employer ID number. ...

I have heard people on here say you have to pay your SE taxes quarterly or you get penalized. I didn't do that. I took my stuff to H&R block and they did my taxes with just a regular SE status, added to my employee status for my employee job. They asked me if i had paid in anything and I told them no, but I didn't get penalized in any way. Is that normal? I am asking if the IRS will come back later and penalize me, or is that it, I just pay them at the end of the year and ...

I am about to do my taxes for 2009. I had a bunch of money saved up to pay them, but I fell on hard times (little to no typing jobs) and had to use that money to pay bills. What is going to happen? I made 11,000 last year. How much can I expect to owe? What if I don't have the money????? ...

This is my first year to work solely as an IC. I have been sending quarterly taxes in to the IRS using the form 1040 payment vouchers they supplied. It has just occurred to me that I don't know if any of the money I am sending in is going to Social Security tax. I am not sure how it is allocated. I send in 25-30% of my earnings. Can anyone with more knowledge about this help me understand? Thanks so much! ...

Hello. I just got a new job, and for the first time, I will be an independent contractor. I am unfamiliar with this. I know they will not take taxes out. I was wondering if anyone could give me some tips on how I do this. Should I consult a tax person? Is there a way I can figure out what to hold out on my own? Can I pay the IRS quarterly those figures so I don't have to pay it all at the end of the year? Do I need any kind of license? This is a part-time position at home, ...

I have an interview with a hospital that will not take out state taxes, but does take out federal taxes. The hospital is in a state where no state taxes are required, but I live in a state where I have to pay. How does this process work and what would this entail for me if I get an offer on this job? It provides health insurance, medical, dental, and vision, but no state taxes. Will that affect social security? Anyone know the process and percentage to withhold, how ...

I'm looking for information about what to do if you get a part-time job where you are not an employee, but make over $600 for the year, but they do NOT provide a 1099. This is a case of a man who is looking for my help in providing his transportation to medical appointments. He seemed clueless when I asked him about these options. Then, I was thinking. Well, when a contractor came to my home and installed a fence, I paid over $600, but did not provide him with a 1099. Is there som ...

I work 20 hours a week as an IC for a national MTSO, paying my own taxes. I also work 40 hours a week as an employee with benefits at a university. Which federal form(s) should I use to file my own taxes? I would use a 1040 for the full time employee job if that was my only job. But since I also work half time as a contractor, do I need a different form? Two separate forms? Thanks so much for any help you can offer. ...

Question regarding taxes for IC - kd

Section 179 - I have

Question regarding taxes for IC - greyhound mom

taxes - icmt

As listed above the 179 is the way to go - sm - XXX

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