Payroll software?
I am on 1099 and I need to pay my payroll taxes. Wwhat is the S/W available to pay these taxes
Payroll software?
I am on 1099 and I need to pay my payroll taxes. Wwhat is the S/W available to pay these taxes
If you received a 1099 for the past year 2006, it’s best to pay your payroll taxes when you file your 2006 income tax return. Your tax preparer should be able to tell you how much that will be.
It wouldn’t be wise to purchase a payroll software now and pay the payroll taxes by going with what the payroll software says, because you will be penalized for late filing and will be charged penalties and interest. It’s just not worth it.
The best thing to do from here is just pay your payroll taxes at the same time as filing your income tax return. You will know how much payroll taxes your paid on your 1099 income by looking at Line 58 (Self-Employment Tax) on your 1040 Federal Income Tax Return. Don’t forget to maximize your deductions!
If you expect to receive a 1099 this year 2007, you can prepare for next year’s tax filing by paying quarterly Estimated Tax Payments to the IRS. For income you receive every quarter, you can send 15% of it to the IRS to cover you for payroll taxes, so that you won’t pay as much next year when you file your income tax.
Hope this helps! Good luck!
It’s a pretty common thing – any of the major software programs like TurboTax or TaxCut should handle it OK. You’re looking for tax software, not payroll software. I’m assuming from the rest of your question that you’re the worker, not the employer.
If you are on a 1099 basis, you dont file payroll taxes. You file personal income taxes.
Both are mutually exclusive of the other.
There are many payroll services available. The largest payroll service, and generally the best is ADP. Another good one is Paychex.