I work remotely for a company from my home. When they pay me, they do not take any taxes out. If I live in North Carolina, how much should I put aside for taxes? If I have only been working for them since January, when do I pay this tax, in February 2009?
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3. February 2010 at 10:50 pm
They don’t deduct payroll taxes? Then you’ll have to pay the gov’t bodies by April 15th of the following year. Meaing Jan 1 2008 – Dec 31 2008 is the fiscal year, and taxes for that are due by April 15 2009. (actually filing for that year, you may have one month grace afterwards to pay) you should send a check in with your return. My advice is open a second bank account and put the money that would go to taxes in it. Make sure you cover all the bodies ( Fed, State and possibly municipality, and all taxes fed income, ss tax and medicare tax). Find out what bracket you are in, and put the appropriate percent aside. I think the appropriate number is 30%, but I’d consult with an account.
A side benefit is you’ll also get to realize how much the government is picking your pocket on taxes.