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Paycheck deductions?

Discussion in 'The Lounge' started by newyorkin, Nov 5, 2002.

  1. newyorkin

    newyorkin 1 ton status

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    Anybody NOT have taxes taken out of their check? It looks like I may have to be doing my own tax deductions from my check every month.
    Any trick to it? I've been fully dependant on The Man for my paycheck deductions my entire life, so if I have to do my own I may be up the creek....
     
  2. Goober

    Goober 1/2 ton status

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    It's not really that big of a deal.

    I paid an accountant to help me out when I started consulting. After a year or so I got it all figured out and did it myself.

    I would say sit down and talk to an accountant who understands taxes, they shouldn't charge much to just look over your stuff once a month.
     
  3. delta9blazer

    delta9blazer 1/2 ton status

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    i'm not an accountant, but i did stay at a holiday inn last night....
    go back a few years, and figure the percentage you've been paying. increase it a little, and you should be good to go.
    set the money aside every payday, and put it in an account. at the end of the year, pull that money out and use it to pay your taxes, all at once.
    you make interest on the money you would normally be sending to the Man.
    but do like goober said (never thought i'd say that), and check with a taxguy, at least once when you start, and maybe when you're figuring it all up at the end of the year.
     
  4. newyorkin

    newyorkin 1 ton status

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    </font><blockquote><font class="small">In reply to:</font><hr />
    i'm not an accountant, but i did stay at a holiday inn last night....

    [/ QUOTE ] Nice!!

    Thanks for the replies, but problem averted! I misread something in a contract.
    Lawyers, creating more stress than serving purpose...
     

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