Tennessee Contractor Withholding
Description
How to fill out Tennessee Refrigeration Contract For Contractor?
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FAQ
Can I withhold taxes for an independent contractor? In most cases, businesses do not withhold taxes from any payments to an independent contractor. If, however, backup withholding applies, employers may be required to deduct a portion of the individual's earnings and send it to the IRS directly.
Paying Taxes as an Independent Contractor You'll need to file a tax return with the IRS if your net earnings from self-employment are $400 or more. Along with your Form 1040, you'll file a Schedule C to calculate your net income or loss for your business.
You must use either one of two forms, a W-4 or a W-9, depending on whether you are hiring a new employee or an independent contractor. If you are hiring a new employee, you must have that person fill out a W-4 form. If you are hiring an independent contractor, you must have that person complete a W-9 form.
The IRS typically requires independent contractors and sole proprietors to pay estimated taxes quarterly using Form 1040-ES, Estimated Tax for Individuals. This pay-as-you-go approach helps them avoid a large tax bill at the end of the year.
Generally, you must withhold and pay income taxes, social security taxes and Medicare taxes as well as pay unemployment tax on wages paid to an employee. You do not generally have to withhold or pay any taxes on payments to independent contractors.
