Washington Self-Employed Independent Contractor Payment Schedule
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FAQ
Payroll refers to the tasks an employer must execute to ensure employees are paid accurately and on time. An independent contractor is not an employee; therefore, he's not paid through the payroll.
Independent contractors report their income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Also file Schedule SE (Form 1040), Self-Employment Tax if net earnings from self-employment are $400 or more.
Paying Taxes as an Independent Contractor Along with your Form 1040, you'll file a Schedule C to calculate your net income or loss for your business. You can file a Schedule C-EZ form if you have less than $5,000 in business expenses.
Remember that an independent contractor is considered to be self-employed, so in effect, you are running your own one-person business. Any income that you earn as an independent contractor must be reported on Schedule C. You'll then pay income taxes on the total profit.
You should plan to set aside 25% to 30% of your taxable freelance income to pay both quarterly taxes and any additional tax that you owe when you file your taxes in April. Freelancers must budget for both income tax and FICA taxes. You can use IRS Form 1040-ES to calculate your estimated tax payments.
What percent do independent contractors pay in taxes? The self-employment tax rate is 15.3%, of which 12.4% goes to Social Security and 2.9% goes to Medicare. Income tax obligations vary based on net business profits and losses, among other factors.
As an independent contractor, you are engaged in business in Washington. You must register with and pay taxes to the Department of Revenue (DOR) if you meet any of the following: You are required to collect sales tax. Your gross income equals $12,000 or more per year.
The IRS typically requires independent contractors and sole proprietors to pay estimated taxes quarterly using Form 1040-ES, Estimated Tax for Individuals.
Simply put, being an independent contractor is one way to be self-employed. Being self-employed means that you earn money but don't work as an employee for someone else.
Independent contractors are also responsible for paying federal, state, and local income tax. If you make more than $3,000 in gross income during the year, you will pay your SE and federal income (FITW) taxes in four, quarterly payments throughout the year.