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Tax question (1099 Miscellaneous)

panther4life

By panther4life,
in Huddle Lounge

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panther4life Community Regular

panther4life

Posted
Posted

Started a new job as a corporate buyer for a dealership group. I've held this position before but as a W-2 employee. Now this time I filled out a W-9 form. I will be paid from 3-4 individual dealerships under the same ownership group. I did this briefly last year and noticed the wages were in box 7 (non employee compensation).

I'm basically trying to figure out how much of my paychecks I will need to with-hold and store in a account dedicated to paying taxes. Any help or insight will be greatly appreciated.

Thanks in advance.

 

 

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thefuzz Mentor

thefuzz

Posted
Posted
18 hours ago, panther4life said:

Started a new job as a corporate buyer for a dealership group. I've held this position before but as a W-2 employee. Now this time I filled out a W-9 form. I will be paid from 3-4 individual dealerships under the same ownership group. I did this briefly last year and noticed the wages were in box 7 (non employee compensation).

I'm basically trying to figure out how much of my paychecks I will need to with-hold and store in a account dedicated to paying taxes. Any help or insight will be greatly appreciated.

Thanks in advance.

 

 

If you don't have one, get an accountant...depending on how much you plan on making.

Do you have many deductions?

All about how much you make, but I would shoot for 20-30% give or take.

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Jimmy Newbie

Jimmy

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I would put aside 5%-10% above your tax bracket (if you know the range of income you'll see). If you are in, let's say, a 25% tax bracket based on income...I would put aside 35% (just using round numbers for understading)

I would also do my taxes once a quarter and not at year end.  Safer, less chance of an audit, and a good indicator quarter over quarter how much you will make and be able to save/put aside.

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