Sunday, August 16, 2009

In 2008 my job withholdings covered my freelance taxes. This year I know it won't. What should I do


In 2008 my job withholdings covered my freelance taxes. This year I know it won't. What should I do?
I don't want to owe Uncle Sam at the end of the year and I don't know how to calculate estimated taxes. I know I am supposed to take out 15.3% for SS and Medicare but what about income tax? Please explain in simplest terms for I have a hard time understanding tax issues.
United States - 2 Answers
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1 :
Go to your company's payroll office and have them increase the amount they take out for withholding. To figure how much, take the amount you have to write a check for for your 2008 income tax and divide it by the number of pay periods you have in one year. That will be the amount you need to increase your withholding by. Payroll can show you how to do this.
2 :
clear all doubts visit this website http://taxlogic.blogspot.com


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Posted by Freelance Job at 10:53 AM