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8789123
Returning Member

1099 Status as Contract worker

I am working as a Contractor for a work from home company. I will be getting a 1099. I assume I need to pay quarterly taxes to avoid penalties. How do I calculate those figures? Should I form and LLC as well?

1 Reply
OpeA1
Employee Tax Expert

1099 Status as Contract worker

Hello 8789123!

 

Here is a link to our free tax calculator to help you with the calculations: https://turbotax.intuit.com/tax-tools/calculators/w4/ . 

 

Here is a link to give you some helpful information on the benefits of forming an LLC: https://ttlc.intuit.com/turbotax-support/en-us/help-article/business-taxes/sole-proprietorship/L8soe... 

 

I hope this helps.

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