Just wondering because this is somewhat new to me. How do you calculate your earnings?


Just wondering because this is somewhat new to me. How do you calculate your earnings?





you won't need a tax ID number other than your own SS# unless you incorporate.
As to calculating your earnings and taxes, try using the 'search' function on the purple top bar with keywords like 'estimated taxes' and 'deductions'


SO how do I go about paying taxes on my money?





By that do you mean how do you pay taxes on your income? In general, the US does not impose a property tax on money. Some states may still have taxes on money.
The income tax is fairly simple, if you are not withheld, you need to file quarterly income tax returns. Those returns report the amount of income you have and deductions, exemptions, payments and credits. At the bottom line is an amount you owe, or the government owes you. Typically on the first three quarters of the year, you owe the government. In the last quarter return, typically the government owes you, unless you have figured your quarterly payments very well.
There are several programs, Quickbooks is one, that has the quarterly estimates. A good accountant who does small business taxes or self-employeed taxes will be able to do it for you. For that matter, you can download the forms from the IRS and fill them out by hand. The service does not like hand completed forms, but they will accept them. (I suppose you can still go to your state department of revenue or a local IRS office and get pre printed forms.) You will also need to file the state version of the quarterly return. Again, various accounting programs have the forms, or you can download hard copies and fill them out yourself.
HTH
Z
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