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How do I pay my taxes as a Independent Contractor?
I'm starting a new job here in Texas in February and this will be my first time being a contractor. I've searched quite a bit and know a little about it, like that I can e-file my federal,state,and self employment taxes quarterly but I'm still confused on most of the vague info I've gotten from searching the internet, and I really don't know if I am fully even correct lol So can someone who is experienced tell me more in depth about how this works?
3 Answers
- coraannLv 78 years agoFavorite Answer
You can receive the most up to date and correct information from the IRS.
Contact them.
Source(s): Knowledge. - Anonymous8 years ago
It cannot be both a job and a contract gig. When you mix up the words, it makes think you are a misclassfied employee. I would read IRS form SS-8 and see if it applies to you.
An employee gets a W-2 and files a 1040. A contractor files a 1040 with schedule C/SE. An employee has withholding, a contractor doesn't. Thus the estimated taxes paid using 1040-ES.
- StephenWeinsteinLv 78 years ago
You can't file quarterly. You pay four times a year, but you only file once each year. To pay at the times when you don't file, you use Form 1040-ES.
