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It seems that while my wife's self-employment tax liability was included in the 'underpayment' calculation, the quarterly tax payments we made were not included.We use TaxAct, and in the underpayment section it said we were not liable for a penalty (we owed a bit under $200 in tax), but a form...
Hi Paula,My wife is about 10 months in, and we are making Federal payments if 15% of her quarterly direct deposits.She may have higher 'income' due to PC bucks, free items, etc, but I think our tax rate was about 12% last year.Not sure how it will shake out, as we are not going to be able to...
You can make 'estimated tax' payments at irs.govWe have been making payments of 15% of sales for each quarter, this year.If you have other income, and withholding has been taken out, you likely won't HAVE to make estimated payments, as I believe you only would be penalized if you paid less than...
Newbie, bumping this thread.My wife started as an Independent Consultant last year and did fairly well in the few months since she started.I do our taxes, and am perplexed that both Box 3 (Other income) and Box 7 (Nonemployee compensation) are filled in on her 1099-Misc. The Other income was the...
Second day??? : )We have the whipped cream maker and it was pretty good the second day, but no where near as good as the first day. We finished it, but I doubt it would have been good on day three.I almost had a heart attack when we used it to make butter. : )
Hello all,My wife started as an Independent Consultant last year and did fairly well in the few months since she started.I do our taxes, and am perplexed that both Box 3 (Other income) and Box 7 (Nonemployee compensation) are filled in on her 1099-Misc. The Other income was the start-up kit, PC...