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Like most employees, the taxes for an independent contractor are typically due on April 15 of each year. The independent contractor files a Form 1040, just like an employee. However, there is a ...
How Do I Pay My Taxes as an Independent Contractor?You’ll need to pay estimated taxes each quarter in addition to filing an annual tax return. To pay quarterly taxes, you’ll need to calculate ...
Learn how to file taxes as an independent contractor. For premium support please call: 800-290-4726 more ways to reach us
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
Providing a nanny, housekeeper, or senior caregiver a Form 1099 and treating them as an independent contractor is incorrect. Misclassification – the practice of treating an employee as an independent contractor – is a major enforcement priority of the US Department of Labor. Household employment is a targeted field.
Information returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer, independent contractor, broker, or other payer pays to a taxpayer.
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