I'll be getting paid more than $100,000 this year from a W-9 employer. What do I do for taxes?

Question by slinkey505: I’ll be getting paid more than 0,000 this year from a W-9 employer. What do I do for taxes?
I’m an independent contractor for a technology company and I’m wondering what I need to do for taxes. My employer doesn’t take out anything, and all I’ve done is submit a w-9 to them. How much should I be setting aside for tax purposes? Also, what tax software would be the best for a situation like this?

Thanks!

Best answer:

Answer by acmeraven
Since you waited until this late in the tax year you should do two things; go to IRS.GOV and download or order a free PUB 17 and Sch C plus instructions to read, then contact a licensed & registered tax preparer for a lesson in “how to”. Tax software without the knowledge necessary in the fields of accounting and taxation is just a recipe for disaster if you examine the situation? I have done taxes for 40 years now on top of three college degrees and I simply love the do it yourselfers who buy a tax program; it enables me to buy the wife her new Cadillac every year and do other fun things. I try to urge people who do not know how to cook to not even attempt to bake a cake in order to avoid headaches beyond belief.

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I'll be getting paid more than $100,000 this year from a W-9 employer. What do I do for taxes?

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