View Single Post
  #13  
Old 06-17-2010, 02:56 PM
steve's Avatar
steve steve is offline
Ultimate Warrior
 
Join Date: Jan 2006
Location: Philadelphia PA
Posts: 4,977
Default

actually you MUST make estimated payments to be in compliance. it may take them several years to catch up to you. but they will.

if you make less than 1000.00 with any single employer you do not need a 1099 from them.

you may also want to look into the fact that if you do most of your work with a single company and work "X" amount of hours there (cant remember the amount) in the governments eyes you ARE NOT considered self employed. the company you work for is responsible for your taxes (and i think they are also supposed to extend benefits to you). you could technicaly not pay taxes under this circumstance and the gov. has to go after the employer not you......



Who Must Pay Estimated Tax

If you had a tax liability for 2008, you may have to pay estimated tax for 2009.

General Rule
You must pay estimated tax for 2009 if both of the following apply.

1.
You expect to owe at least $1,000 in tax for 2009 after subtracting your withholding and credits.
2.
You expect your withholding and credits to be less than the smaller of;
*
90% of the tax to be shown on your 2009 tax return, or
*
100% of the tax shown on your 2008 tax return. Your 2008 tax return must cover all 12 months.




Estimated tax not required
You do not have to pay estimated tax for 2009 if you meet all three of the following conditions.

*
You have no tax liability for 2008
*
You were a US citizen or resident for the whole year
*
Your 2008 tax year covered a 12 month period

__________________
1981 Trans Am project -YJ 400 stroked to 488 CID-74cc Eheads-10.95:1-Northwind Intake-Holley Terminator-TH400-3:55 Moser rear-Dougs Headers....