Tempted to go full-time IC status - see msg
Posted: Dec 16, 2014
I have a great part-time IC job that I really love. It is so stress-free and I only hear from my account manager when she sends me my pay summary right before pay day. I have been thinking about how blessed I am to have found them especially after working as an employee for a couple other MTSOs. My employee jobs have been so stressful and QA can be so petty with a lot of these places. We have QA where I work now, but I have absolutely no complaints and literally almost always score 100%
Here is the thing - I already have insurance, so really not employee status for that. I work employee status mainly because I fear I will have issues paying my taxes and the last thing I need is to get in trouble with the IRS.
Are there any ICs out there who have it set-up somehow where they are able to automatically route money directly to the IRS? Is there a way to pay your taxes regularly? Like send the money in every time you get paid? Also, how do you figure how much your taxes are?
Last year, I just had them take the money owed out of my tax refund from my employee job. How do other ICs do it? I am seriously thinking about lowering my hours at my employee job and doing more at my IC company.
I set up a savings account for tax money - Works great
[ In Reply To ..]
I take out about 20% and put away in the account so I have it come tax time. I file jointly with my husband who already pays self-employment tax so I don't have to... as there is a limit of amount you have to pay on 1 tax form. Left Nuance and am FT IC and LOVE IT!! Best move I ever made.
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