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As a freelancer, how do I determine how much federal withholding I should pay? I've been paying estimated taxes for 2014, but that did not include income tax so now I'm facing a hefty bill. I would like to avoid this situation for next year.

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  • Where do you live? Have you looked at your local tax revenue service's website? – user152 Jan 23 '15 at 5:20
  • My state does not have an income tax, so I am not sure how my local tax revenue service's website would help. – RHPT Jan 23 '15 at 5:50
  • Surely you're paying income tax to someone? By local I meant your country's tax website. – user152 Jan 23 '15 at 6:49
  • Paying quarterly estimates is paying income tax. What have you been paying if not estimated quarterly taxes? – Scott Jan 23 '15 at 7:42
  • @Scott I thought my estimated taxes was just the medicare and social security taxes. – RHPT Jan 23 '15 at 14:35
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Run, don't walk, to a local certified accountant. You need advice from a professional in this area. Time is running out on your 2014 taxes. The financial penalties can be significant if you have mis-estimated your tax liability.

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