How do I pay taxes when my wages fluctuate by the week?

How do I pay taxes when my wages fluctuate by the week Asked by Othelo 2 months ago Similar questions: pay taxes wages fluctuate week Business > Taxes.

Similar questions: pay taxes wages fluctuate week.

If the do not, then a good rule of thumb would be to save 20 percent of every check to pay taxes with.

I'm going into the consulting business as a sole proprietor, so I'll have no employer. Thank you for providing the estimate of 20%! (This would be for Social Security and Medicare.)I assume if I'm over, I'll get a return.

Am I correct? Thanks again for the quick response! Jack Othelo 2 months ago .

If you have the right deductions, and you over pay, you will get a return.

Thanks again, TurboB! As you can see, I'm new at this and have a great deal to learn. Your help is appreciated!

Could I ask you one more question? Can I open a seperate bank account for my business without getting a tax ID number? Do you suggets getting a tax ID number over using a SS number?

Thanks,Jack Othelo 2 months ago .

If you have a business, you will need a tax I d numbers. You might, depending on what sort of business you are running, be able to get your company tax exempt status. That means if you buy parts or whatever, you can get them tax free.

I do not know for a fact about opening a business bank account without a tax id number, but I am going to guess that you are going to need one. You should keep your business and your personal financial dealings totally separate. It's just smart business.

Pay yourself a salary, just like you pay your employees. Here is a link to a lot of ins and outs, when it comes to the government. Starting a business, and what the irs is going to expect from you.

irs.gov/businesses/small/article/0,,id=9... html.

Once again, thank you for your time and courtesy in replying! You've been a wealth of information! Jack Othelo 2 months ago .

You set aside the appropriate percentage for each paycheck based on THAT being your normal wage. You end up with more at the end of the year, but at least YOU saved it (and got some interest for it? ) instead of the government merely keeping your money from you for free.

Thank you, Daniel! Jack Othelo 2 months ago .

The IRS realizes that you can't predict your future earnings, so they cut you a lot of slack. Just set aside 30% or so for state and federal taxes. It's best if you make quarterly payments, there's a simple IRS form for this.

Just a check, a small form, and some tears, to the IRS and state, 4 times a year. You soon get used to it. When it's time to do your taxes, you subtract what you paid in from your total tax, you might be under or over.No sweat, you can be a lot under and there's no penalty for that, the first year.

But in later years there can be a penalty if you don't learn from last-year's results and have a big shortfall the next year.

Thanks, Ancient! I appreciate the information. Jack Othelo 2 months ago .

" "Do you have to pay taxes on money from school grants?" "TAXES" "i have not been able to pay my taxes will they take my home" "My employer doesn't take taxes out of my pay check. What do I do come April? " "When people say, I pay $500 per week for my housekeeper or nanny, is that usually before or after taxes (gross or net?)" "Have you done your taxes yet?

I have not been able to pay my taxes will they take my home.

My employer doesn't take taxes out of my pay check. What do I do come April?

Thanks, Ancient! I appreciate the information. Jack Othelo 48 months ago.

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