• SDN Site Updates

    Hey everyone! The site will be down for approximately 2 hours on Thursday, August 5th for site updates.

  • How To ACE Your Medical School Interview

    In this webinar hosted by SDN with experts from BeMo Academic Consulting, you will learn a simple five-step process to help you translate your interview invitation into an acceptance.

heretic

Member
10+ Year Member
5+ Year Member
Dec 4, 2004
49
0
Status (Visible)
  1. Optometrist
Question for the independent contractors among us. I graduated last May and have been working as an independent contractor since Sept. Do you have to pay estimated taxes on your earnings this year if you had an income of zero last year and paid no federal taxes?
 

KHE

Senior Member
15+ Year Member
Jun 14, 2005
3,351
362
Status (Visible)
  1. Optometrist
Question for the independent contractors among us. I graduated last May and have been working as an independent contractor since Sept. Do you have to pay estimated taxes on your earnings this year if you had an income of zero last year and paid no federal taxes?

An easy way to calculate your estimated taxes: Go to the IRS Web site, download form 1040-ES, “Estimated Tax for Individuals,” and complete the worksheet to figure out the minimum you must pay to avoid a penalty.
 

IamMDMBA

Membership Revoked
Removed
10+ Year Member
Nov 23, 2008
27
0
Status (Visible)
Question for the independent contractors among us. I graduated last May and have been working as an independent contractor since Sept. Do you have to pay estimated taxes on your earnings this year if you had an income of zero last year and paid no federal taxes?
If you had no tax liability last year, you DO NOT have to pay estimated taxes this year.
 

Ryan_eyeball

Senior Member
15+ Year Member
Jul 20, 2005
424
39
Kansas
Status (Visible)
  1. Optometrist
If you had no tax liability last year, you DO NOT have to pay estimated taxes this year.

Correct. I didn't have to pay any quarterly taxes until year two (state & federal). These can be steep though. Remember, do you have to account for state taxes too (not every state has income taxes i.e. Texas)? I'd put 30-35% aside for taxes.
 
About the Ads
This thread is more than 12 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.