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How do I pay taxes being self employed?

Author :

Submitted : 2018-06-15 06:41:21    Popularity:     

Tags: pay  taxes  employed  

I'm self employed how do I pay taxes and how much do I take out of each check

Answers:

Look at the tax tables for your state and the fed. Consult a tax attorney or tax preparer if you dont know.

you will need to prepay what you anticipate your taxes to be each quarter on form 1040ES, you can find at wwwl.irs.gov

How to pay - go to irs.gov and click on "pay". Estimated tax payments are due 4 times per year.

How to file - Use Schedule C to report the income and Schedule SE to figure your tax.
You should probably consult a tax professional, at least the first time.

How much to pay - Start with 15% for payroll tax. Then estimate what your total income will be and figure the tax on that.
Your four tax payments need not all be equal. Make your best estimate at each time as you see how much income your business actually generates.

Take about half, since you don't know what you're doing, so you're going to need something to pay the penalties when you do it wrong, in addition to paying the tax.

You fill out Form 1040, Schedule SE, and either Schedule C or Schedule C-EZ, and then you send them all to the government.

Estimate what your NET income will be for the year - how much you will gross minus your allowable business deductions. Then figure 15% for self-employment tax, and from your estimate of net earnings, it should be easy to find out your marginal federal tax rate. Your first $12,000, if you are single, for 2018 is free from federal income tax. Above $12,000, the rates are 10%, 12%, 22% and so on. Very easily looked up.

If you are earning all of your income from self-employment and it's enough to live on, then you will need to make estimated tax payments at least quarterly, and possibly monthly.

Seeing that you need help with a very basic question, you would do yourself a favor by not trying to do it alone. Get some professional, paid-for advice.

You write a check. We can't tell you how much.

The turbo tax program will help you with that. You answer questions and it figures it out for you. But word to the wise, you’ll want to be very organized and precise with all your income and work related expenses before you start.



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