I am enduring a massive headache over this. Alright, so I am currently an independent contractor working for one boss since the middle of June (the first and only). I have made $1575 total since then. I have Quick 2010 and TurboTax 2009 at my disposal. I am trying to figure out how in the world I do these self-employment taxes. I have never been in this situation and I am still living under my parents house considering I only very recently graduated. Any help would be most appreciated in trying to do this. I believe that I am supposed to take my net earnings ($1575 * 0.9235) and then multiply that by the self-employment tax of 15.3%, which makes it out to be about $222.54. Is that really what I owe right now?
How do I cover the self-employment taxes?
- Thread starter Zack R
- Start date