Am I responsible for my income taxes...?

Question

I recently took a job working a few days each month on a "fill-in" basis. My boss had me fill out a W-9 form. Does this mean that I will be the one paying in on my taxes, and if so how often do I have to do it each year? I was always told that if I were self employed I had to file quarterly earnings, how do I go about doing that?

Answer 1

I'm trying to figure out he had you fill out a W-9.  This is a form to get a Taxpayer Identification Number.  You would only need this if you don't have and aren't eligible to get a social security number.

To answer the question, all taxpayers are responsible for their own income taxes.  Usually if you're employed, your employer withholds some from each check and turns it into the IRS on your behalf.

Otherwise, you will need to file estimated payments every three months.  Below is the link to the IRS site on how to make these.

http://www.irs.gov/pub/irs-pdf/i1040ss.p...

Answer 2

The W-9 is a dead giveaway that he is planning to pay you using a 1099-Misc (it doesn't mean he should, but that's what he'll do).  I certainly hope he's paying you 25-50% more the trouble.

At a minimum, you will owe 15.3% SE tax on the total.  The rest will be added to your other income and taxed according.

You may want to use the 2007 tax return and estimate your tax liability (the 2008 tax rates are in form 1040es).  Use 1040, schedule C-EZ and schedule SE.  If you would owe $1000 or more in tax, you may need to send in quarterly taxes (the vouchers are in form 1040es).

Note to other poster.  W-4 = W-2; W-9 = 1099-Misc; W-7 is to get ITIN, W-8BEN is for foreigner for other kinds of income.  Do not get these mixed up.