You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
charlitajones576
New Member
hyundaijk
New Member
Charliepdl2
New Member
williams3796
New Member
tbhemphill-comca
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.