I’m a independent contractor?
Hey I’m hearing so people say I have to start paying tax right after I get the job but how is that possible because idk how much tax I need to pay by estimating how much I will owe but how is that possible because I don’t even know how much I’m even going to make at the end of the year
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You'd pay estimated tax every quarter, basing the amount on what you make the quarter just finished. If you end up owing over $1000 when you file, you can be penalied which is like a fine. On $9000 income as an independent contractor and as a dependent, you'll owe around $1600.
as a self employed you need to know what your net is by the end of March and if you anticipate your combined income taxes to be $1K or more you will need to prepay on form 1040ES by April 15, the amount for the first quarter
form on www.irs.gov
guess
Go through the instructions for IRS Form SS-8 and decide if you really are an independent contractor or not. Clueless people need to know when they are being taken advantage of.
You get IRS Pub 15, like all other employers and follow the instructions for an independent contract. If your income changes so do the withholding amounts for each payday.