I need some accounting help. - Now with 100% more hot guys.

CinemaGoddess · August 2014

Deleted because reasons.

In other news, HAPPY BIRTHDAY CHRIS PINE.

CinemaGoddess · August 2014

I'm assuming I'd be paid twice a month. I would have to submit invoices and be paid from that.

I would claim 2 dependents on my W-4.

CinemaGoddess · August 2014

I'm mostly concerned about making sure we have enough money every month to pay our bills. That big of a drop in take-home would make it almost impossible to pay all of our bills without dipping into savings every month.

CinemaGoddess · August 2014

thisisbread said:

Also, CONGRATS! That's excellent news about the job.

Thanks. I'm not sure if I'll be able to take it, though.

Lisababy14 · August 2014

Hi there. I'm a lurker but do some contract work. I have always been paid in full (no taxes taken out at time of check) and then I pay my taxes in April when I file. I typically put about 25% of each pay in to savings for this.

::returning to lurking::

CinemaGoddess · August 2014

@bunkinmama

Ok, so why are all the online calculators giving me a withholding amount of $25k?

CinemaGoddess · August 2014

https://www.bankrate.com/calculators/tax-planning/payroll-tax-deductions-calculator.aspx

I'm using this one.

CinemaGoddess · August 2014

Thanks everyone!

I just talked to the firm accountant and she said that the federal withholding wouldn't change.

I'll still set aside about 25% to cover any taxes and we'll see what happens in January when the next taxes are due!

CinemaGoddess · August 2014

GhostMonkey said:

CinemaGoddess said:

Thanks everyone!

I just talked to the firm accountant and she said that the federal withholding wouldn't change.

I'll still set aside about 25% to cover any taxes and we'll see what happens in January when the next taxes are due!

You should probably check if you need to file quarterly. A little more hassle, but will keep it from being one big bill at once and give you a better idea of what you need to be hold.

Most independent contractors are required to file quarterly unless your tax liability is under $1,000 or you pre-pay 90% of your tax liability (which would mean your husband would have to cover 90% of the total taxes that both of you would owe).

Yeah, I'm planning on filing quarterly. I'm looking for an accountant to use for a while until I figure out how to do things on my own.

CinemaGoddess · August 2014

luxannie said:

GhostMonkey said:

CinemaGoddess said:

Thanks everyone!

I just talked to the firm accountant and she said that the federal withholding wouldn't change.

I'll still set aside about 25% to cover any taxes and we'll see what happens in January when the next taxes are due!

You should probably check if you need to file quarterly. A little more hassle, but will keep it from being one big bill at once and give you a better idea of what you need to be hold.

Most independent contractors are required to file quarterly unless your tax liability is under $1,000 or you pre-pay 90% of your tax liability (which would mean your husband would have to cover 90% of the total taxes that both of you would owe).

Yeah, I'm planning on filing quarterly. I'm looking for an accountant to use for a while until I figure out how to do things on my own.
I'm not giving professional advice here (don't want to violate any of my designations), but you don't need to pay an accountant to do this for you. You can take a little time and do it yourself by hunting around here: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

You're probably right, but if I can get someone to help me do it at least once, I would feel better about it.

I'm horrible at math and I'd be afraid of fucking it up royally.

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I need some accounting help. - Now with 100% more hot guys.

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