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Thread: A few tax Q's

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    Veteran Member sugartaste's Avatar
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    Default A few tax Q's

    So I've been dancing since early February and am ready to pay my quarterly taxes for Feb and March (if it matters at all, I made $0 in income last year, was finishing school). Do I need to file a 1040ES each quarter, or just send in the payment voucher and wait till next April to fill out the 1040ES? Also, do I need to file and pay SE tax every quarter as well, or can that filed and paid annually? I've been reading conflicting data, some say SE tax is only 7.5%, others say it's 15.3%? And if I'm planning on deducting house fees, I have to file a Schedule C as well, correct? Thanks so much!

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    Banned Melonie's Avatar
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    Default Re: A few tax Q's

    you need to send in a form 1040ES along with a check for your estimated tax payment every three months to the IRS, and you also need to send in an estimated tax form and check to the state of NJ every 3 months (assuming that you work in NJ as well as live there). Guesstimated tax rate if you are single with no other dependents and grossing say $1000 a week would be 15.3% self-employment tax plus 15% federal income tax plus 5% NJ state income tax = a total of about 35% of your gross earnings.

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    Veteran Member sugartaste's Avatar
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    Default Re: A few tax Q's

    Thank you sooooo much Melonie!!

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    Senior Member DanMorris95156's Avatar
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    Default Re: A few tax Q's

    Make sure to write both your TIN and what form/qtr you are paying on your check. If the transmittal is lost/separated from the check - the gov't agency won't know where to place your money and you may have a hassel getting it corrected.

    Dan

    P.S. - If you happen to ever mis an estimate filing date - pay what you can when you can to minimize underpayment interest costs.
    Daniel D. Morris, CPA
    [email protected]

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