- quote -

I don't know: it depends on your income from the W-2, and
other factors on your return. I've seen figures between 25%
and 46%. I suggest you talk to a tax pro about year-end
planning.

- quote -

It's actually a W-2. You won't owe any tax on your
self-employment income until January 15, 2005. And depending
on your 2003 return, you might not owe any until April 15.
On the other hand, it might pay to send in your state tax by
December 31; and then again, it might not.

--
Thomas E Healy, CPA, PC
1650 38th St., Ste 202W
Boulder, CO 80301
Please send email to: tom[at]tomhealycpa.com, since I block all email at my
newsgroup address.
phone (303) 443-1804
fax (720) 489-3772

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bravodelta73[at]comcast.net (Peter Gibbons) wrote:

- quote -

Depending on what state you live in and your tax bracket
that's about right if but you should probably do 40% to be
safe.

- quote -

Compute your taxes by Jan 15 and make an 1040-ES payment,
with voucher, for at lesat 90% of expected total taxes minus
the W-2 withholding amount. (see form 2210 for other "safe
harbors" but I doubt they apply to you unless your 1099
earnings per month are considerable less than your W-2
earnings. In estimating don't forget the SE taxes and watch
the integration with your salary. Take the 1/2 SE deduction
and the Self Empoyed Health Insurance deduction if you
qualify.

- quote -

You'll need to make quarterly estimates next year. Get
form 2210 to see how this works. Also, When ompleting the
2210 for this year you will have to mark it to apply
withholding in the quarters withheld (instead of the default
averaging) and also complete Schedule AI to prove your extra
tax liability occurred in the last quarter to justify why
you didn't pay the ES amount earlier. There's more,but
this should be a starter. ed

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- quote -

That's just a little low especially if you aren't including
state taxes, if applicable. I'd go with 33% PLUS whatever
your state tax rate is.

- quote -

I certainly hope you receive a W2, as a W4 is request for
federal employer ID number.

- quote -

Nope. You have to do this yourself on form 1040ES. Next
payment will be due January 15.

Carol
My mind not only wanders, sometimes it leaves completely.

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I have a few tax-related questions that I'm hoping someone
can give me some information on. Let me give you some
background information first:

From Jan 1, 2004 to September 1, 2004, I worked as a
regular, full-time employee and had my taxes, social
security, etc automatically withheld.

Since September 1, I have gone to work for a different
company as a sub-contractor, and receive my full, gross pay
every two weeks, so I am attempting to withhold the correct
amount of taxes.

First question - how can I find out how much I should be
withholding from every check I get as a sub-contractor? I
made a guestimate and take about 30% out of every check and
put it in a savings account. But is this enough? Too much?

Second question - I know in January I will receive a W-4
form from my employer that I worked for earlier this year.
But I also know that 1099 workers usually have to make their
payments every quarter. So will the government send me a
"bill" for their tax money at some point? Or should I just
figure out all of my taxes together after I get my W-4 in
January?

Any information or advice would be appeciated.

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