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Whereas a W-2 employee simply has to report the income on that tax form and often little else, an independent contractor has to deal with multiple streams of income, quarterly deadlines and self ...
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.
For example, if your AGI from the previous year is $100,000, you’re a single filer and you owed $16,000 in taxes last year, you must pay at least $4,400 each quarter to avoid interest and ...
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 ...
Employers must report the incomes of employees and independent contractors using the IRS forms W-2 and 1099, respectively. Employers pay various taxes (i.e. Social Security and Medicare taxes, unemployment taxes, etc.) on the wages of a worker that is classified as an employee. These taxes are generally not paid by the employer on the ...
Learn how to file taxes as an independent contractor. For premium support please call: 800-290-4726 more ways to reach us
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related to: calculate quarterly taxes independent contractor must pay back sevenfold