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.
6
-
Where do you live? Have you looked at your local tax revenue service's website?– user152Jan 23, 2015 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.– RHPTJan 23, 2015 at 5:50
-
Surely you're paying income tax to someone? By local I meant your country's tax website.– user152Jan 23, 2015 at 6:49
-
Paying quarterly estimates is paying income tax. What have you been paying if not estimated quarterly taxes?– ScottJan 23, 2015 at 7:42
-
@Scott I thought my estimated taxes was just the medicare and social security taxes.– RHPTJan 23, 2015 at 14:35
|
Show 1 more comment
1 Answer
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.
