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the nothing
Lv 4
the nothing asked in Business & FinanceTaxesUnited States · 1 decade ago

Independant Contractors Tax Status??

Hello friends!

I'm an independant contractor for one company only. From looking around the internet, it seems that I need to file a 1040 as well as a Schedule C and SE?

But I don't know.

Thanks for any help!

4 Answers

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  • waggy_33
    Lv 6
    1 decade ago
    Favorite Answer

    You will have to file the schedules you mentioned. You will need to file the 1040 long form.

    As an independent contractor you also get to deduct one-half of the self-employment tax on the front of your return as well as 100% of health insurance you pay. You could also set up a SEP-IRA and deduct a contribution to that type of retirement account on the front of your return also.

  • Weetie
    1 decade ago

    That's right. File 1040; Scedule C and SE.

  • ?
    Lv 4
    4 years ago

    If that's all you have, $19000 a year, then you quite will owe: SE tax of $2700 earnings tax of roughly $900 For a finished of roughly $3600. so which you extremely could be sending in $900 1 / 4 to circumvent owing next April.

  • Bostonian In MO
    Lv 7
    1 decade ago

    You are correct.

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