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[OT] What does a contractor have to pay?
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<blockquote data-quote="lastelias2" data-source="post: 871756" data-attributes="member: 11809"><p><strong>Contractors And Blood Suckers</strong></p><p></p><p>oooopppss! I meant the venerable tax agencies who I love....please do not visit your wrath and pain on me for my earlier subject line.</p><p></p><p>Anyways, I am also an IT contractor in California. However, I am not an accountant so I can only speak from experience. You are supposed to pay the self-employment tax with your other taxes. </p><p></p><p>The answer to your question depends on the nature of your "company" status. Single proprietors and partnerships pay taxes as individuals. Therefore, I think any income you get is a 1099 and you pay annually as part of your normal tax bill. Corporations (LLCs, S-Corps, Incs.) pay tax quarterly (at least I have to as an LLC), and the tax structure depends on the nature of the corporation. There is also an $800 annual fee on top of taxes for California that one has to pay for the honor of working in this state (I don't know if sole-proprietors pay this fee).</p><p></p><p>There are lots of books on the subject, and computer programs like Quicken, can help. I would visit your local book store, it is probably your best non-accountant source. There are lots of books on running a "small" business aimed at consultants.</p><p></p><p>Also, you can also work for a while, and worry about the tax situation after you have some cash in your pocket. If you get an accountant later you can always take care of any tax burden then. I would work, get some cash so you can have the important things like food and shelter. Worry about the tax burden later when you clear the spider webs from your wallet.</p></blockquote><p></p>
[QUOTE="lastelias2, post: 871756, member: 11809"] [b]Contractors And Blood Suckers[/b] oooopppss! I meant the venerable tax agencies who I love....please do not visit your wrath and pain on me for my earlier subject line. Anyways, I am also an IT contractor in California. However, I am not an accountant so I can only speak from experience. You are supposed to pay the self-employment tax with your other taxes. The answer to your question depends on the nature of your "company" status. Single proprietors and partnerships pay taxes as individuals. Therefore, I think any income you get is a 1099 and you pay annually as part of your normal tax bill. Corporations (LLCs, S-Corps, Incs.) pay tax quarterly (at least I have to as an LLC), and the tax structure depends on the nature of the corporation. There is also an $800 annual fee on top of taxes for California that one has to pay for the honor of working in this state (I don't know if sole-proprietors pay this fee). There are lots of books on the subject, and computer programs like Quicken, can help. I would visit your local book store, it is probably your best non-accountant source. There are lots of books on running a "small" business aimed at consultants. Also, you can also work for a while, and worry about the tax situation after you have some cash in your pocket. If you get an accountant later you can always take care of any tax burden then. I would work, get some cash so you can have the important things like food and shelter. Worry about the tax burden later when you clear the spider webs from your wallet. [/QUOTE]
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[OT] What does a contractor have to pay?
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