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by Ron Kurtus

Readers have sent in a total of 21 comments and questions on Personal Finance issues. They are listed according to date.

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Paying Taxes How much estimated taxes must be paid USA
 

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How much estimated taxes must be paid

Topic: Paying Taxes

Question

June 18, 2007

I am a speech therapist and do contract work for a a therapy company year round. No money is taken from my taxes but I will be required to pay taxes at the end of the year. Approx. how much will I be required to pay to the goverment. $6000?


thanks

Alyssa - USA

13948

Answer

You really need to pay estimated taxes four times a year. Figure 25% of the money you made in the quarter. It is better to pay a little more and not be penalized. Also, if you are self-employed, you must pay extra Social Security.

If you are doing contract work for the company the year round and do not have other contracts, they may be advised to take you on as an employee.

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