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Like most employees, the taxes for an independent contractor are typically due on April 15 of each year. The independent contractor files a Form 1040, just like an employee. However, there is a ...
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.
Learn how to file taxes as an independent contractor. For premium support please call: 800-290-4726 more ways to reach us
Investors and independent contractors are exceptions to withholding taxes, although they remain subject to income tax obligations and are required to make quarterly estimated tax payments. Failure to keep up with these payments can trigger backup withholding, imposing a higher tax rate of 24%.
Generally, you must make estimated tax payments if you expect to owe more than $1,000 when you file your income tax return and you are self-employed, an independent contractor or you receive ...
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 ...
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