Comments on: Self-Employment Tax And IRS Estimated Tax Payment

By: Mark Mares

Mark Mares — Sun, 27 Dec 2009 05:52:00 +0000

If I get a business License and business tax ID number and have the companies make the checks out to the company instead of my name. Then not pull any money out to pay myself until 2nd quarter or 3rd quarter of 2010 to myself. Do I personally have to claim the money on personal taxes for 2009? I only worked for three weeks on my independant contractor basis in 2009 and don’t want to claim it if I don’t have to. I also opened a business bank account so it won’t appear in my personal account.

By: -> Quarterly Estimated Tax Payments For Self Employment Income Are Coming Due! | Bible Money Matters

Tue, 15 Sep 2009 14:32:15 +0000

[...] you’re going to have to make estimated tax payments this year, there are 4 payments that you’ll need to make, one each quarter. They [...]

By: Self Employment Taxes

Self Employment Taxes — Sat, 12 Sep 2009 06:41:42 +0000

[...] member of a single-member LLC or are otherwise in business for yourself. You generally have to pay self employment tax if you earn more than $400 of self-employment income, or earn more than $108.28 as a church [...]

By: Estimated Taxes Guide

Estimated Taxes Guide — Sat, 12 Sep 2009 06:39:05 +0000

[...] The money employers automatically withhold from your paycheck is sent in to the IRS and your state if you live in a state that assesses income tax. Ideally, the exact amount of money would be withheld and you won’t end up owing any money or receiving a tax return. However, it’s not always easy to predict your year end income or which deductions you will have throughout the year, particularly if you have unsteady income. Because of this, many entrepreneurs have to deal with self-employment and estimated taxes. [...]

By: Alejandra

Alejandra — Sat, 12 Sep 2009 06:21:48 +0000

Hello Guys
I am working in domestic cleaning now, I want pay tax for self employed.
I don’t know do it.
My wages is £ 200 per month. I must pay tax for this income???
I am married, my husband too is working.
Somebody can help me???
Thanks
Alejandra

By: Best Links in Money and Investing – Back to School Edition | Darwin's Finance

Sun, 06 Sep 2009 15:02:27 +0000

[...] Self-Employment and Estimated IRS tax payments explained [...]

By: Andy

Andy — Sun, 06 Sep 2009 03:39:44 +0000

Consider starting a company (s-corp) like I did and get an accountant (about $150 – to $250) per month to take care of all your state and federal taxes. What’s better is that as a business you can write off your accountants fees and a whole host of other business/blogging expenses.

By: -> Going To The State Fair Is Expensive! Post Roundup | Bible Money Matters

Fri, 04 Sep 2009 14:46:01 +0000

[...] Self-Employment Tax And IRS Estimated Tax Payment [...]

By: Pinyo

Pinyo — Thu, 03 Sep 2009 13:31:07 +0000

@ Stephanie PTY – Thank you Stephanie.

@David – Thank you for your input. I thought I can only make quarterly payment. Being able to pay on demand is much better. You’re also the second person to recommend paying 1/3 of self-employment income. Thank you again.

By: David Stewart

David Stewart — Thu, 03 Sep 2009 00:36:52 +0000

You guys may be thinking this is more complicated than it is. Make your payments, keep track of them, and report the payments when you file your taxes. In and of itself, that isn’t very complicated.

Now, if you want to try to actually figure out how much you’ll owe, that can complicate things, but not in a way that requires an accountant unless you want the accountant to calculate what . . . really, cannot be accurately calculated.

So here’s what you can do: Sign up with the electronic payment system. Then, every time you get a paycheck that has SE tax due on it, pay a percentage of it via the electronic payment system. You can guesstimate what you’ll owe if you know what else you’ll be earning (or your spouse will) during the year, and just pay it as you receive it.

For me, that’s 1/3 of my checks: I figure on the 12.4% plus roughly our marginal rate. Rather than pay quarterly, you can pay when you want (and that could be, I recommend, each check). That way, no quarterly huge pain when you have to pay but don’t have that much money. And it’s even worse if you skip your payments and have to pay it when you file your return the next year.

And don’t forget your state will want some too if it has an income tax.