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

Starting a new PT IC position - need advice

Posted: Sep 01, 2012

I have a full time employee position wtih another company. Beginning Sept 3, I will start IC for 3 days out of the week for 3-4 hours. It pays 0.09 cpl with spaces using DocQscribe. I figure in 3-4 hours I will probably do 800 lines as I will probably work 3 hours. Being that it is late in the year, do you think the extra income from Sept to December would make a huge difference in my taxes, or should I send taxes in to the IRS, and will I have to file as self employed?

Yes - Big brother is watching

[ In Reply To ..]
Pay your taxes

I am IC & employee. Have to file 1099 for IC job, send quarterlies. - Add income will matter, check w/ tax guy. nm

[ In Reply To ..]
x

Congrats! sm - anon

[ In Reply To ..]
I used to be an IC and had a full-time job as an employee, as well. One thing you could do for the last few months is increase taxes being withheld from your employee paycheck to help take care of some of the IC income. The alternative is to send in quarterly payments to the IRS and your state tax (if you are in a state that has state income tax).

I used to figure on about 1/3 of my IC income for taxes to be on the safe side. Now, if you have a spouse and you file together, you can also include his taxes withheld when you do your taxes in the spring or even bump up his withholdings. There are some great tax s/w programs for this, but I would recommend having a CPA do your taxes the first time around.

At this point, you don't know exactly what your IC income will be. You may be able to just up your withholding on your employee job for this last quarter and then start the quarterly payments in 2013, but be sure to put enough money aside as you will have to make up any taxes not paid. If you have a tax consultant, always check with him first for advice.

This is just my experience.

What to do - Been there

[ In Reply To ..]
You will continue filing your current job the same way you did before, as employee income. You will also add the self-employed earnings to that claim. They go on their own form.

You will have to file quarterly taxes, but you might be able to cover it by increasing the withholding on your employee job. It isn't possible to guess whether you will exceed the amount that will cause you to pay a penalty if you wait until the end of the year to pay the extra taxes, since we do not know your overall income. An accountant could advise you.

Be sure that you claim business use of your home and that you claim equipment and supplies and any other operating expenses, educational, credentialing, and insurance costs.

I hold out and submit a flat 20% quarterly. I think you should - submit a quarterly estimated return (sm)

[ In Reply To ..]
Check with your tax person. And if you don't have a tax person, as an IC you should by all means find one. They'll save you both grief and money.

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