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Re: 1099 questions?

You will also be liable for all state and local taxes. Federal and most State and local taxes must be estimated and paid in quarterly or you will incur penelties and interest. The amount of your taxes will depend on what bracket you will fall into as based on your income minus your business expenses (Schedule C) and your other deductions (dependent and either standard or itemized). Be very careful as the government is the easiest person to borrow from (by not making deposits) but they charge the higest interest (over 20% with penelties and interest). Best to make your deposits and sacrifice somewhere else if your cash flow gets tight (and it surely will)
This is CABL.com posting #169849. Tiny Link: cabl.co/mSlF
Posted in reply to: Re: 1099 questions? by Dcableservices
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Re: 1099 questions? Wife of a cable guy 6/10/2006 11:38:00 AM