2024 is the first year I am not a W-2 employee. I a a 1099 M&A advisor contractor with an Investment Capital firm. August 1, 2024 I received my first compensation for a deal closed in 2024. I also believe this will be the only compensation this year.
I understand I need to pay both employer and my portion of FICA as well as I need to pay federal and state income taxes.
How do I do this?
