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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 ...
To pay quarterly taxes, you’ll need to calculate the amount you owe (it’s based on your income for the quarter). The IRS allows you to pay online, by phone, or via snail mail.
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Investors and independent contractors are exceptions to withholding taxes, although they remain subject to income tax obligations and are required to make quarterly estimated tax payments. Failure to keep up with these payments can trigger backup withholding, imposing a higher tax rate of 24%.
In the United States, Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income. One notable use of Form 1099-MISC was to report amounts paid by a business (including nonprofits [1]: 1 ) to a non-corporate US resident independent contractor for services (in IRS terminology, such payments are nonemployee compensation), but starting tax year 2020, this use was moved to the ...
Generally, you must make estimated tax payments if you expect to owe more than $1,000 when you file your income tax return and you are self-employed, an independent contractor or you receive ...
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