AboutGlenn D Schnabel Expertise I can answer most federal individual income tax questions.
I can not provide legal advise.
Experience I have worked for a CPA firm for over 11 years.
I have worked in private as well as government
I have recently been running a tax preparation office, mainly focusing on
individual income taxes
Organizations I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.
Education/Credentials I have my B.S.B.A in Business Administration . Concentration in Accounting
I have gone to yearly tax seminars and have tried to keep up with the
evolving tax changes
Awards and Honors Over my years I have received local awards for contributions to worthy
organizations.
Past/Present Clients This, of course remains confidential
Expert: Glenn D Schnabel Date: 7/13/2008 Subject: Federal and NC state tax for contract labor
Question I work contract labor for several places. How do I pay the federal tax and NC state tax on the money I make. Are there any other taxes I would need to pay?
Answer Linda,
1)How do I pay the federal tax and NC state tax on the money I make. Are there any other taxes I would need to pay?
Thank you for your question.
As a self employed person you would be required to file and pay estimated tax payments.
Federal would be on Form 1040 ES and NC 40 are due each quarter.
4/15/08
6/15/08
9/15/08
1/15/09
As a self employed person (Form 1040 Schedule C) you would pay regular income tax plus self employment taxes(15.3 % of net schedule C) to IRS on from 1040 ES
You would also pay an estimated tax to NC based upon the federal tax estimated without the self employment tax)
Figure out your income and deductions before you compute your Net Schedule C. Deductions such as cell phone usage, supplies, auto expenses(Standard mileage or actual bus use percentage actual expenses.), tolls and parking.
