- quote -

You would normally file a joint return with your wife, and
include both her income and yours in one tax return.
However, her income does not go on your Schedule C. Her W-2
income is reported on Form 1040 line 7.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"jamesdelmul[at]hotmail.com" <jamesdelmul[at]hotmail.com> wrote:

- quote -

When you say "figure your taxes" do you mean for the purpose
of paying estimated taxes or filing your annual tax return?

If you mean your annual return, then yes if you file Married
Filing Jointly and no if you each file Married Filing
Separately.

If you mean when you pay your estimated income taxes, then
the answer is no if she works for someone else - as I assume
she does. In that case her taxes have been withheld from
each pay check and she should not have to pay estimated
income taxes unless the amount withheld is too low.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

When I am figuring my tax should I include my wife's pay
too? She is a W2 worker.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"jamesdelmul[at]hotmail.com" <jamesdelmul[at]hotmail.com> wrote:

- quote -

As an independent contractor you need to file estimated
federal taxes approximately once each quarter. The due
dates are: April 15, June 15, September 15 and January 15.
If your state has an income tax you will also have to file
estimated state income taxes.

If you are an independent contractor you will receive a 1099
at the end of the year, while employees receive a W-2. The
way to tell now is to see if any tax has been withheld from
your "pay". These taxes include Federal Withholding, Social
Security and Medicare. None should be withheld if you are
properly classified as an independent contractor.

At the end of the year you need to file a Schedule C and
Schedule SE with your 1040. I assume you know that as an
independent contractor you have to pay both your share and
the "company" share of Social Security and Medicare, but
there is some offset. You may also have to file additional
state tax forms.

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I just started working as a contractor. What do I need to
do on the tax side? Do I need to pay tax every quarter or
at the end of the year?

Thanks

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >