1099 Income Hi,
First, I'll apologize if this is covered elsewhere. I've searched many places for answers but since everyone's situations are different, I'm not sure I'm getting the correct information.
I recently started working for a small business consulting company. I am paid by my boss via personal check, no taxes deducted. I know I have to pay taxes on my income, but the when and how and how much I should set aside are my biggest concerns. I just don't know where to start or my best course of action.
I am married (spouse is a regular W2 employee), I have three children and own a home. If any of that matters, I don't know.
Main questions:
1. How much should I set aside from each check?
2. Can I pay once a year when we file my husbands return?
3. Do I pay quarterly and if so, what forms?
4. Are fees for filing quarterly (if required) deductible?
Any information and/or help that can be provided to make this easily understandable is greatly appreciated.
Thanks you! |