Independent Contractor

[daphneb0226]

Earlier this year, I was hired as an Independent Contractor for a Remote Medical Coding Company, so I will be receiving a 1099 at the end of the year.  How do I figure what my taxes will be so that I can put aside that amount each month when I get paid?  Also, do I need to be submitted quarterly payments to the IRS already?  I've read that you can be penalized if you don't.  

[EricE_CPA]

Use TurboTax TaxCaster Calculator (free tool to calculate what will be your expected tax liability)

TaxCaster