QUESTION
I was told in Nov. of last yr that I am a "Contracted" employee, therefore, no taxes will be taken out of my check.
Asked on Sep 11th, 2012 on Business Law - Colorado
More details to this question:
I've never made over 600.00 in any one month and it was hard to come up with taxes so I'm paying IRS on a monthly basis.Do I have any option for them to take out my taxes each month?
1 ANSWER
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If you are an independent contractor, you are not an employee and cannot require your non-employer to withhold taxes from you. You should be paying quarterly (not monthly) estimated taxes. If you made less than $600 in each month, your taxes cannot be that much.
Answered on Sep 12th, 2012 at 5:20 PM