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Independent contractor taxes?

whats are the total taxes an independent contractor has to pay?

i know the SS and medicare tax is doubled
the federal tax and also the state tax.

am i missing something else?

does anyone know the % for those?

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Independent contractor pays his half of SS/Medicare and "employers" half so yes it is effectively doubled. 15.9% is the rate I believe but there is a formula on the schedule SE so that the % doesn't come off your entire income. (Also called self employment tax /schedule SE) You can however write off half of it. As for all other taxes, they are the same as anyone else.
Fill out your schedule C/ business income, expenses. Fill out your schedule SE, then do your 1040.

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Thanks.

do you happen to know the fee if someone doesnt pay the quarterly estimates?
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Failure to make these payments on time may result in penalties, usually expressed as a percentage of tax owed. Certain circumstances may exempt you from payments or result in a waiver of penalties if you work within IRS guidelines.
Check to see if your income falls under the rules for quarterly. Many self employed people don't have to file quarterly, they don't make enough.
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I don't know the percentage, but I remember that it was just a horrible shock at tax time to find out how much I owed.

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what % would u say that it was? around what % to estimate
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did you do quarterly estimate payments?
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I didn't do quarterly estimate payments (but should have). I believe it was 33% when all was said and done.
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My advice: withhold 40% during the year, and save every...single...receipt. I have to disagree with the other poster on one thing--I would NOT use Turbo Tax as an independent contractor unless you really, really know what you're doing. A good tax preparer or accountant will know all the possible deductions and help you determine which you qualify for--it is a very fine line between paying too much and deducting too much, and you don't want an audit.
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thank you..

but assuming i put 40% and pay 40% at every quarter, that means if i overpaid ill get a refund correct?
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Buy Turbo tax its alot easier that trying to figure it out. Yes it stinks. Only being able to deduct all the expenses makes up for it.

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does that work for doing the quarterly tax estimate payments?

can internet be deducted if it is used for the job?
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I can't give you advice on this. (But I deduct it all ;-) )
TT gives you the option of printing out quarterly payment slips. Of course you will never know what your income will be.

Personally. I use 38% as my number to deduct when I pay quarterlys. 32% for federal, 6% for state.
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ssn tax is not doubled. It is subject to an annual maximum anyway. The federal tax IS doubled. I don't know about your state, but the my state tax is NOT doubled either.
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San tax is doubled. Self employed pay both employer and employee parts. Fed tax is NOT doubled
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Can you break down the 32%?

I know my state is a flat 5% rate i think.
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I simply take the gross paycheck amount and multiply it by .32 That way I know how much I have to save in my tax account. I know it stinks, but I have 4 seperate checkbooks. one for personal use, one for business use, one for federal tax an one for state.

I deposit 32 % of every check into the federal account, 6% into the state account. That way I m never 'caught short' for quarterlies. I know how much to pay out each quarter, because I have been putting 32% in from every check. I simply write out the balance (minus a couple hundred dollars, to keep the account open) No more figuring or calcualting necessary. I know that I have to pay the tax, and this way i have a separate account so I m not tempted to borrow now and (forget) to pay later
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For instance, if I make 1000 this month, i multiply it by .32 equals 320 dollars. That amount goes into my Fed tax account. I multiply it by .06 and 60 bucks goes into the state account.
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Of course you can adjust your accounting as you go along, because you may have more deductions than I have. ( I actually have very few) The more you can deduct, the less you can figure on paying. Try your percentage numbers for a year, and seeing what your return is, you can adjust the amount up or down as needed.
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