Question about taxes?

Question

I am currently working as a "contractor" for a company - aka they dont take taxes out of my pay. I started May 9th and have no clue what to do about how to pay my taxes! I can;t afford an accountant at the moment. I live in chester county pa. Any suggestions?

Answer 1

In addition to what the above poster said.... keep track of all expenses that you incur to do your job.  Uniforms, office supplies, mileage, business cards, etc.  As a contractor, you are considered self employed.  These deductions will reduce your tax liability.

Answer 2

Estimate your past and future earnings with this company.  Get an estimated of your tax burden on this amount.  Divide that amount by 4 and make quarterly payments to IRS.  This will make it easier on you when tax time rolls around.