(no subject)

[needlegrrl]

eep, i say. Someone here should know the answer to this - Michigan Shakespeare Fest is hiring me on as an independent contractor. What does this mean to me? how much should i plan on saving out of my checks (I'll be making about $1700) to cover taxes and such? can i take it out now - do i have to wait until next year to pay it?

off to run by the grocery store and pick up the josh so we can go and get his car.

Comments

[velvetfaery.livejournal.com]

I'm not sure how much you'll have to set aside, but I would go ahead and pay it when you get the money if possible, because independent contractors are expected to pay estimated taxes quarterly, or they are hit with a penalty. The penalty is not huge, but if you want to avoid it, probably best to go ahead and pay up.

I'm not entirely sure

[jsvari.livejournal.com]

Here... This is what I read when I was trying to figure that out for myself, but I've forgotten the actual info..

Independent contractors on IRS site (http://www.irs.gov/businesses/display/0,,i1%3D2%26genericId%3D20061,00.html)

If you type Independent Contractor into the search on IRS.GOV it should help. They're definitely the people to ask.. :)