Estimated Taxes
 

Can someone explain how I do this? Let me state my situation.

I started work in March of 2006 as a contractor. So I haven't really been employed for an entire year at this job. How do I figure my estimated taxes? Do I just take a quarter I earned through solidly and pay that much? Also what happens when I leave this job around April? Don't you have the option to skip estimated taxes and just pay on April like everyone else?

Just hand it over to your accountant and let them figure it out!

Don't have one. I have turbotax

I believe, if you're self employed, you have to file quarterly. And don't forget to pay twice as much FICA.

Well you have to pay quartly once you've worked a year. However I haven't worked a year yet so still can't estimate what I'd make. Plus I'm about to leave the job. And what's FICA?

FICA is Social Security tax. If you are an employee you pay about 7.5% and the employer pays about 7.5%. If you are self employed you pay the whole 15%.

Maybe you should look in to this self employment thing a little deeper. Maybe read a book. :rolleyes: