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gshSay I do a bit of friendly contracting for someone, and get a few thousand dollars as pay. I'm given a check for X dollars, and neither fed taxes nor social security are taken out. I can figure out how to get this income declared on my 1040 fed return. What do I need to do to make sure my social security and other "payroll" taxes are paid legally?
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Date: 2010-02-11 11:22 pm (UTC)Following questions in TurboTax (regular, not business), I ended up declaring a sole-proprietor business, with my SSN as the EIN, and entering the money there. Form C, or something (if I'd already done mine this year, I'd be more precise). It then adds the taxes and SS I owe into my totals and it all goes in together. Very little extra hassle. Let's hope someone else knows more about this than I do - and confirms that it's this easy!
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Date: 2010-02-11 11:36 pm (UTC)Good luck!
(Edited to change the word "Form" to "Schedule.")
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Date: 2010-02-11 11:57 pm (UTC)no subject
Date: 2010-02-12 12:09 am (UTC)no subject
Date: 2010-02-11 11:57 pm (UTC)no subject
Date: 2010-02-11 11:39 pm (UTC)If it was in 2009, you add it in as income and pay the difference. You need to set up 2010 to account for any such outside jobs you take that into account with either higher withholding or with the quarterly tax payments.
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Date: 2010-02-11 11:56 pm (UTC)no subject
Date: 2010-02-11 11:40 pm (UTC)no subject
Date: 2010-02-11 11:56 pm (UTC)