I don't understand how to do my 1040 and estimated tax payments. Can I get help understanding?

as said ask your tax guy CPA is good, your base tax bracket say it is 30% to make it easy

put aside the 30% out of every check and leave it till years end --- I do not make deposits qtrly

The deposits are to help people who cannot (most people) save the money for years end

if you do not get the deposits just right the fine is only $50.00 (or so) BUT the fine goes if you overpay or underpay and chances are you will not hit it on the dollar and pay the fine no matter what.

Contractor is NOT as bad as some say

you really do not pay more,, what you pay is the other 7.5 % of the full 15% of social security that usually the employer pays, that really is it. the savings to the company could mean they save a lot more,, worker comp cost can be huge depending on the trade.... this savings on their side is how they pay more base than if you were a salary payroll employee,, that saving can be split with you they come out ahead and you come out ahead

the only real drawback is if you fail to pay the taxes a year end (because you did not put the money aside for years end)

I will say do not make plans to make payments to the IRS at the end of tax year for last years taxes--- save the money write the check and do it every year ... but if it is something you cannot manage make the deposits ,, CPA will create the estimate based on your estimated income

this is not a license to cheat on your taxes,,, do not cheat on your taxes

If you are bad at managing money ... this is not the job for you

You definitely should look up the difference between an employee and a contractor. There are very specific differences and many businesses will try to hire you as a contractor when you really should be an employee. You'll pay more tax as a contractor so be sure you know if you truly are one.

As far as paying your taxes, paying estimated tax quarterly isn't required this year, but it will certainly help your tax bill be more palatable next April when your taxes are due. Anything you pay as estimated will help. You can find info on the IRS.gov site that will help in figuring out what percentage you should pay each quarter.

The business you work for will send you a 1099 showing what they paid you, and you will put that amount on your 1040 when you file next year. As a contractor you will also be responsible for paying medicare and social security taxes.

If you had $0 income or $0 tax in 2018, you can skip estimated tax payments for 2018, but you risk owing a lot of money you may or may not have put aside.

Are you willing to put 50% of your income aside until you figure out the actual tax bill?

You don't do the 1040 until after the end of the year, when the 2018 forms are available.

Right now, you do the 1040-ES, and you can get the 2018 Form 1040-ES now at

https://www.irs.gov/pub/irs-pdf/f1040es.pdf

Download Form 1040-ES from the forms section of the irs.gov website

I also recommend you download IRS Form SS-8 and the instructions to get a feel if you should really be treated as an employee. If the employer controls what you do, when you do it and how you do it and pays you an amount that would be a fair wage for an employer (as a contractor you should get a lot more) then you should be treated as an employee.

You pay by doing a 1040ES, that's how you know what to pay.

Go to IRS.gov and research Estimated Tax. Quite simple.

HIRE a CPA to teach you how to keep proper records and do your taxes as a self employed person.

Better yet, hire a CPA to do it for you.

You don't file a 1099.. the company hiring you files the 1099. you file a 1040 at the end of the year and use the 1099 as supporting documents to validate your income levels...

Call the IRS and ask for assistance. Or your state tax agency.