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If you were getting regular paychecks, your company would withhold taxes and give to the government on your behalf -- on April 15, you true up against those est
by loumf 12y ago
If you were getting regular paychecks, your company would withhold taxes and give to the government on your behalf -- on April 15, you true up against those estimates.
As a contractor, you get the full amount with no taxes withheld (but you still owe tax). Pick a reasonable number that you think you owe the government and make an estimated tax payment (to your state too, if you live in a state with income tax).
It's simple paperwork, not a full tax filing. You can do it online.