RE: RE: Taxes & Deductions for Independent Contractors

Subject: RE: RE: Taxes & Deductions for Independent Contractors
From: "Evans, Diane L (Rosetta)" <diane_evans -at- merck -dot- com>
To: techwr-l -at- lists -dot- techwr-l -dot- com
Date: Thu, 23 Mar 2006 14:44:56 -0500

>You expect to owe at least $1,000 in tax for 2006, after subtracting your
withholding and credits.

>You expect your withholding and credits to be less than the smaller of:

>90% of the tax to be shown on your 2006 tax return, or

>100% of the tax shown on your 2005 tax return. Your 2005 tax return must
cover all 12 months.

Nobody is going to FORCE you to pay quarterly taxes, but if you owe more
than $1000 at the end of the year, they slap a penalty on you.

Diane Evans
Requirements Analyst, whose son learned the hard way this year...

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