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1099 tax payment

Customer Question
Submitted: 9 years ago.Category: Tax
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Answered in 1 minute by:
5/4/2008
Tax Professional: Merlo, Accountant replied 9 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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HelloCustomer

What is your question about a 1099?

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
Merlo and 87 other Tax Specialists are ready to help you
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Customer reply replied 9 years ago
I have a new PT job where I'm a independent contractor, that will receive a 1099. The PT job will generate about 10K this year. In my current job I will make about 50K. I'm single with no significant deductions, living in California. I don't want to get a big tax bill at the end of the year. What do I need to do throughout the year so that my PT will not have a big tax impact when I file my taxes?
Tax Professional: Merlo, Accountant replied 9 years ago

Hello again,

It would be in your best interest to make estimated quarterly tax payments to both the IRS and the State of California so as to avoid owing a lot of tax at the end of next year. The amount you should pay would only be based on the $10,000 you will be making as an independent contractor, as I assume your employer is already withholding taxes from your regular paycheck. The other factor you need to consider is whether or not you will have any deductions to take against that $10,000. As an independent contractor you might be able to deduct expenses that you incur such as using your own equipment, mileage, supplies you need to purchase, etc. Whatever you think your NET income will be after taking a deduction for any expenses, then I would say you should estimate that your federal taxes for next year will be 28% on that amount. Simply then divide that amount by 4 and make those 4 estimated tax payments each quarter.

Here is a link to the federal estimated tax form with instructions and filing date information

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

Here is the link for your California state estimated taxes

http://www.ftb.ca.gov/forms/07_forms/07_540es.pdf

If you have found this answer helpful please press the "accept" button. Positive feedback is also greatly appreciated. Thanks for the question and have a great day.

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Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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