How does this work?
I've never had a job that doesn't withhold taxes so how many hours per week is safe to take without having to pay out the wazoo at the end of the year??
This page is a permanent link to the reply below and its nested replies. See all post replies »
BrandNewMan · 61-69, M
I had this for awhile early in my working life before/ during college as I was paid in cash for farm and day labor type work as a large component of my earnings.
Talking with an accountant is best. What that involved for me was having a good projection of total compensation for the year. From there, looking at what that would mean for Federal /State/Local Taxes, Social Security and Medicare. You likely need to make quarterly payments aligned to your pay in each quarter over the year to avoid penalties.
Talking with an accountant is best. What that involved for me was having a good projection of total compensation for the year. From there, looking at what that would mean for Federal /State/Local Taxes, Social Security and Medicare. You likely need to make quarterly payments aligned to your pay in each quarter over the year to avoid penalties.
Tumbleweed · F
@BrandNewMan Thank you!