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How do I file taxes if I am an independent contractor?

Hello,

I just got a new job and I am classified as an independent contractor. How do I pay taxes every month on my check and what is the overall procedure when it comes to filing taxes?
1 Best answer

Accepted Solutions
IsabellaG
Employee Tax Expert

How do I file taxes if I am an independent contractor?

As an independent contractor, you are considered to be self- employed. That means that you are responsible for making estimated tax payments each quarter instead of having your employer withhold taxes. Also, you are subject to Self-Employment Tax, which is for Social Security and Medicare (like the FICA  you had withheld as an employee). You are responsible for both the employer and the employee portions of this tax.

The due dates for making estimated tax payments for 2017 are: 4/15/17, 6/15/17,9/15/17 and 01/15/2018. You make the payments to the IRS using Form 1040-ES.  You can send in payments, or make payments online here: https://www.irs.gov/payments.

Please see this link for more information about Estimated Taxes: https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Estimated-Taxes--Common-Question...

When you file your 2017 return, you will report your income and expenses from this job on Schedule C, Profit or Loss From Business. TurboTax Self-Employed handles this situation, or you can use any of our CD/Download Products.

 

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1 Reply
IsabellaG
Employee Tax Expert

How do I file taxes if I am an independent contractor?

As an independent contractor, you are considered to be self- employed. That means that you are responsible for making estimated tax payments each quarter instead of having your employer withhold taxes. Also, you are subject to Self-Employment Tax, which is for Social Security and Medicare (like the FICA  you had withheld as an employee). You are responsible for both the employer and the employee portions of this tax.

The due dates for making estimated tax payments for 2017 are: 4/15/17, 6/15/17,9/15/17 and 01/15/2018. You make the payments to the IRS using Form 1040-ES.  You can send in payments, or make payments online here: https://www.irs.gov/payments.

Please see this link for more information about Estimated Taxes: https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/Estimated-Taxes--Common-Question...

When you file your 2017 return, you will report your income and expenses from this job on Schedule C, Profit or Loss From Business. TurboTax Self-Employed handles this situation, or you can use any of our CD/Download Products.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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