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About Carole Dunton
Expertise
Preparation of individual income tax returns including social security, pensions, lump sum distributions, sale of personal residence, stock and mutual fund sales, distributions from individual retirement accounts, moving expenses and itemized deductions. General knowledge of schedule C for small sole proprietorships. No experience in corporate, estate, partnership or large business returns.

Experience
8 years as tax preparer for major national firm.

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > need to know how to do taxes

Topic: Tax Law (Questions About Taxes)

Expert: Carole Dunton
Date: 7/16/2008
Subject: need to know how to do taxes

Question
i work for a texting company as a ic and no taxes taken out of checks i just started and i am paid comsissions only. do not know how much i will make. how am i suppose to pay the taxes and can i wait until tax time to do so and what am i suppose to take out of each check. im totally confused

Answer
Hi,

You will report your income and expenses on Schedule C. Your net self employment income will be subject to self employment tax (social security and medicare) as well as income tax. The calculation for self employment tax is net self employment income X .9235 X .153. The income tax will depend upon your total income and itemized (or standard deduction) and your exemptions.

You should estimate what your total income will be for the year and make quarterly estimated payments on the self employment tax and income tax. The quarterly estimates are due 4/15, 6/15, 9/15 and 1/15 of the following year.

Let me know if you have questions.

Regards,
Carole

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