1099 tax help needed!!!!!!!!!!!!!!?

Question

im desperate! this year from janurary thru mid june i have been working as a 1099. i made an overall profit of 9,054.00 after deducting expenses and write offs for my company that brings be back down to 6054.50! for the 1st quarter i paid 1133.00. i stopped working as a 1099 and quit the business as of mid june. i am now going to work for a corporate company, in which ill be working under a w2. should i pay 2nd quarter taxes? would i even owe anything else since i paid so much 1st quarter?? any help would be highly appreciated!!!

Answer 1

Sit down.  Do a dummy tax return for 2008 (use the 2007 forms, the standard deduction is now $5450 and the personal exemption is $3500...and the tax rates can be found in 1040es).

Figure out your total tax for the year (remember to add in $856 for SE tax and adjust your income down by $428.)   Subtract out what you've already paid and ensure that your withholding for the rest of the year will cover it.  If it comes out the W-2, you are fine.  You may need to add $x*x per pay period to bring the total up.

The IRS has a withholding calculator to help you out.

Answer 2

Now that have a job, you can adjust your withholding from your wages to cover any taxes owed.  You have no need to use estimated taxes to pay your taxes.  Just take enough out of wages.

Answer 3

That would depend on how much profit there was in the 2nd quarter.