Okay, it is actually my second writing job. Decades ago I wrote a blurb in a women's fanzine and received a copy of the zine ($2.50 value). *smile*As some of you know I have a fulltime office job.For my writing gig I get paid once a month. I just received my first paycheck (actually it wasn't an actual check, the money was deposited in my PayPal account). Since I'm freelance, the company doesn't take out taxes, so I need to figure how I go about doing that. Which Fool board should I check out?Thanks! Shire
Self-Employed Fools, methinks.http://boards.fool.com/self-employed-fools-112952.aspxOh, and congratulations!orinjade
>> Oh, and congratulations! orinjadeThanks, orinjade! :)
As a general rule, for freelance 1099 work, I just set aside 25% for tax purposes. The actual liability may be more or less depending on total income or deductions, but this puts you in the ballpark.FuskieWho notes the more complicated calculation is figuring out your quarterly income tax prepayments if required...
This is a good board for tax matters - ptheland is a pretty accomplished CPA and TMFPMarti is a retired IRS agent, plus a few others have very decent experience in the field. http://boards.fool.com/i-should-have-limited-my-post-to-quot...Bob * I graduated with honors and a Bachelors degree from the Dean's College where I studied accounting, tax law under a retired Author Anderson tax partner who held both a CPA Certificate and was a member of the ABA, and studied economics, with offers to work for Price Waterhouse, Touche Ross and S.D. Leidesdorf - ptheland and TMFPMarti are pretty good, IMHO.
It looks like you already have some tips for boards, but I just wanted to wish you congratulations on the free lance gig!LWW
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