I pay Quarterly that way it doesn't come all at once and you end up owing $20 to 30,000 in taxes at the end of the year, my quarterly is figure on the previous year. You will pay 15% SS but don't worry because it won't be there when you retire ha ha. I always figure about 35% to take out , just figure the first 3 1/2 to 4 months you work for our glorious Gov't.
Re: How does contracting as 1009 work???
Member #: 16809
Registered: 1996-2001
Posted:
2541
Name:
MAC
Company:
Mac Communications LLC
Occupation:
Retired
Location:
Central Pa
Personal:
early 70s
Experience:
~47 years
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