What taxes do i pay as a independent contractor? | Finance ...

Question by questionable : What taxes do i pay as a independent contractor ?
Lets say im a Independent Contractor (soul proprietorship) in NY state (not nyc) working for a employer in Arizona. Which would I have to pay taxes on my income? he. federal, state self, employment taxesSo do I have to pay in quarterly or do I have the option to file once a year? Thanks. Best answer:
Answer by

waggy_33
You would have to file a federal income tax return to pay your self-employment and tax. You would file resides to AZ non-resident income tax and a NY You would get a tax. income credit on the return for taxes paid to NY AZ.You are required to pay quarterly taxes for both the federal and states taxes. If your 2008 income was under $ 150,000 would be your 2009 estimates of amount equal to your 2008 tax paid. If your 2008 income was above $ 150,000 then the exception to penalty is 1.10% of the 2008 tax paid. Otherwise you will be to estimate the total tax for 2009 and pay in at least 90% quarterly.

Add your own answer in the comments!

paul ryan powerball lottery numbers mega ball lottery winner jackpot winning numbers mega millions