Independent Contractor Questions?
Hey all..so I'm going to be doing a employment for the local newspaper collecting coins and frail newspapers from the racks, one hours of darkness a week for about 4 hours. They hold offered me $57 a week, which includes the IRS mileage rate factored for how far I must drive in my own motor for the route. I signed on as an independent contractor and filled out a W-9. Do I have need of to pay estimated taxes quarterly? If so, how do I digit out the tax rate that I should reimburse? If I am going to start work on March 19, when do I make my first quarterly due payment? Can I reduce by fuel costs? I also will be rolling the quarters within my home, so is there any speculation for that? Can I claim mileage again even though they factored it into the weekly rate? I appreciate anyone's helpful response. Thank you
Answers: I prepare taxes on the side. I advocate all independent contractors to rate estimated taxes quarterly. If you started on March 19, then the first estimate could continue until July. To calculate your estimate: give up how much you have be paid, take off an amount for mileage, then multiply by 15.3%. You can any claim fuel or mileage rate, not both. But you can claim one, whether you are reimbursed for fuel or not. Be sure to track how much you pay contained by estimates. Good luck.
You will need to pay packet taxes, but for the first year, just set free your tax money (30%) until you wallet your 2007 taxes. If you continue near this same job subsequent year, then you will hold a quarterly tax pay-out. You don't have quarterly taxes this year because the IRS doesn't know what your income will be all the same from this job. If they are paying you mileage, after you can't deduct fuel or looking after costs. You should be able to take off anything else that you buy, specifically for this job.
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Answers: I prepare taxes on the side. I advocate all independent contractors to rate estimated taxes quarterly. If you started on March 19, then the first estimate could continue until July. To calculate your estimate: give up how much you have be paid, take off an amount for mileage, then multiply by 15.3%. You can any claim fuel or mileage rate, not both. But you can claim one, whether you are reimbursed for fuel or not. Be sure to track how much you pay contained by estimates. Good luck.
You will need to pay packet taxes, but for the first year, just set free your tax money (30%) until you wallet your 2007 taxes. If you continue near this same job subsequent year, then you will hold a quarterly tax pay-out. You don't have quarterly taxes this year because the IRS doesn't know what your income will be all the same from this job. If they are paying you mileage, after you can't deduct fuel or looking after costs. You should be able to take off anything else that you buy, specifically for this job.