AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Question Hi john, i just made $5300 dollars in a project that i work on for some company as a independent contractor. this is all income i will have the whole year since i am going on vacation for couple of months. i have to pay my portion of taxes which is only Social security and medicare for this amount. my question is, how do i pay this amount? my state doesnt require me to file taxes for this amount so i wont be filing taxes at the end of the year. now i am trying to figure out how to pay my ss and medicare without filing taxes at the end of the year. is it possible or do i have to file (even though it is not require) in order to pay what i owe the IRS?
Answer John,
Thanks for your question.
A 1040 is required. You will have to file a return at the end of the year, reporting your income on Schedule C and calculating your social security/Medicare on Schedule SE.
