Estimated Taxes
01-13-2007, 05:27 PM
#1
Che Guevara
Thread Starter
Joined APC: Aug 2005
Posts: 6,408
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?
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?
01-13-2007, 09:23 PM
#2
Gets Weekends Off
Joined APC: Apr 2006
Posts: 1,151
Originally Posted by ToiletDuck
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?
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?
01-14-2007, 10:42 PM
#6
New boss = Old boss
Joined APC: Mar 2005
Position: Ca B737
Posts: 2,762
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.
Maybe you should look in to this self employment thing a little deeper. Maybe read a book.
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