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How do I pay taxes when my workplace doesn't take them out of my check?

 
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4 Replies

How do I pay taxes when my workplace doesn't take them out of my check?

What is your employment status? 

Are you an employee that receives a W-2 or are you self-employed/independent contractor who is paid in cash or check and may receive a Form 1099-MISC for your income?

IRS website for information - https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-o...

Estimated tax payments can be made using an IRS Form 1040-ES that you mail to the IRS with your tax payment or you can use the IRS payment website - https://www.irs.gov/payments

If your state also has a personal income tax then you need to find out the process to pay estimated taxes to your state (if required).

How do I pay taxes when my workplace doesn't take them out of my check?

According to my agreement, I'm an independent contractor.

How do I pay taxes when my workplace doesn't take them out of my check?

You must make quarterly estimated tax payments for the current tax year if both of the following apply:

- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.

 

- 2. You expect your withholding and credits to be less than the smaller of:

    90% of the tax to be shown on your current year’s tax return, or

  100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months).

 

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

 

The 1040ES quarterly estimates are due April 15, 2019, June 17, Sept 16 and Jan 15, 2020.  Your state will also have their own estimate forms.

 

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2019 Estimate

How do I pay taxes when my workplace doesn't take them out of my check?

You will owe self employment tax on it in addition to any regular income tax.  Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14. The SE tax is in addition to your regular income tax on the net profit. 

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