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My partner has just accepted a job as a subcontractor so i'm looking for information on how he should go about paying tax/insurance/super and any other mandatory payments that i'm not aware of. I have a rough idea on PAYG 1/4 statements and i'm sure that would be the better way to go. As far as everything else goes, i have no clue. I thank you for your answer!
Submitted: 447 days and 20 hours ago.
Category: Tax
Value: $21
Status: AWAITING CUSTOMER ACTION
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Melbourne
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Hello, and thank you for contacting Just Answer. We appreciate the opportunity to be of service to you.
The only payments that are required are 1/4'ly estimates.
Each 1/4 pay the appropriate tax on income earned for that 1/4. He can calculate that using his tax filing status and dependents (if any)
Here is a link to IRS Publication 505 that addresses that issue.
Look at pages 20 & 21:
http://www.irs.gov/pub/irs-pdf/p505.pdf
Also go to Chapter 2 of that Publication for more details as to caluclating and paying etimted taxes.
If I can be of further help with this issue, let me know,
Expert:
Lou
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Answered:
9/1/2008
Tax Preparer
25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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