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Old 10-23-2008, 11:50 AM
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1099 Help!

I have just been hired by a very small company in which all of the employees are technically Independent Contractors.

Fresh out of college, I've never had to do my own taxes. Now I have to figure out how to get NJstate and Federal taxes taken out of each paycheck.

I was told that the taxes can be done online and the taxes could be taken straight out of my bank account on a quarterly basis. Each time I try to search online the proper way to go about this, I am overwhelmed with information and unable to get done what obviously needs to get done.

Can anybody help me with the online sites to go to and the steps to go about this?



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Old 10-26-2008, 10:48 AM
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If you are an independent contractor or consultant, the only way you can pay for your federal and state income taxes is through estimated taxes usually payable on a quarterly basis using the Federal 1040 ES vouchers.

The vouchers can be assessed from the following link below at the following link below;

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

I would suggest that you contact your CPA or Tax professional who can advise you of the amount that you should pay. By paying the required minimum amount may enable you to avoid paying the underpayment penalty and any possible interest associated with the underpayment amount.

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