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Tax Question...I'm a post whore today

For the first time in my life, I have a real job, and will *owe* the IRS probably, instead of getting a refund.  I'm a contract employee and I am going to be filing 1099.  My employers don't take taxes out of my check every two weeks.  So I know I'm going to have to pay taxes quarterly.  And I'm scared I'm going to get assraped sans KY on this tax thing.  Anybody got any experience with 1099s and paying taxes quarterly?
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Whatever you hatters be hattin. -Tay Prince

Re: Tax Question...I'm a post whore today

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    no I haven't.  But I find the IRS has some great tools on helping figure out how much you need to take out.  I use one of the calculators twice a year to adjust my withholdingss to come out even at the end of the year.  It's pretty accurate.






    What differentiates an average host and a great host is anticipating unexpressed needs and wants of their guests.  Just because the want/need is not expressed, doesn't mean it wouldn't be appreciated. 
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    I haven't taken accounting since 2004 but what I would do is set aside 20-25% of your pay. That way, when the end of the quarter comes it won't feel like you're losing any money. And, if you set aside too much you can go shopping with the leftovers. :)
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    I believe Goheels is in taxes.  She's not usually around on the weekends, but page her during the week.
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    I would set aside 40-45%.  Fed is 25% but by the time you add in State, any county, medicare and SS taxse, it's around 45%.
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    I meant the IRS website






    What differentiates an average host and a great host is anticipating unexpressed needs and wants of their guests.  Just because the want/need is not expressed, doesn't mean it wouldn't be appreciated. 
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    I googled tax calculators for 1099s and I'm pretty much too ignorant of all this bologna to even work one properly.  I've only ever filed 1040s then waited on my check to come in the mail.  I already know I'm going to use my parents' CPA to do my taxes, but I was just wondering how much to set aside for taxes out of every paycheck.  All of your answers were helpful.  Thanks. And I will page Heels at some point this week.
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    Whatever you hatters be hattin. -Tay Prince
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