Becoming a contract employee 1099

Forum|Forum|5 years ago
June 2, 2020
2 replies
0 views

I am thinking about doing a second part-time job which will be 1099. What can I do so I don't get affected by my taxes?

Thank you,

Stela Moreno

Not A Product Question

xmasbaby0

Employee

"What can I do so I don't get affected by my taxes? "

Not sure what you mean by not getting affected. Of course you will be affected. You will pay self-employment tax for Social Security and Medicare if you are self-employed, as well as ordinary income tax. Do you mean how do you anticipate the SE tax to avoid a big tax due at tax time? You can pay estimated quarterly tax to spread it out and avoid a big tax bill.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/questions/2903027-how-do-i-report-income-from-self-employment

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

https://www.calcxml.com/calculators/self-employment-tax-calculator (non-TT site)

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Ssabria

Check the answer here https://www.zenefits.com/workest/what-forms-do-you-need-to-hire-an-independent-contractor/.