The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: nebroots February budget||Date: 1/24/2007 3:34 PM|
|Author: Gingko100||Number: 246036 of 308232|
At risk of hijacking this thread further...
I did a quick look-see on the IRS site and the criteria for paying taxes for the self-employed is:
Were you self-employed with earnings of more than $400.00?
So, it would seem you definitely qualify. If you are paid net, and are subject to taxes you have to pay estimated quarterly tax. And in fact it gets worse - if you underpay (in any given quarter? ask your CPA) - they ding you for penalties. So while you *could* just wait and pay all at end of year, hoping for a windfall, you'd be better in terms of penalties, etc to pay as you go...
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|