sole proprietorship, how do I pay taxes?

[sc-fl1287]

What is the name of your state? Florida

Hi,

I work as an independent contractor and have registered a business name which is a sole proprietorship. I am a contractor at this time and have been working for 3 months. My employer set me up this way for reasons unknown.

Based on this, could you please answer the following questions:

1) How do I calculate the taxes that I owe?

2) Am I still able to claim my child as a tax credit?

3) When 'MUST" I pay my taxes? Can I pay them all by April 15th? "MUST" I pay them quarterly? May I pay as I go?

I have read all sorts of conflicting things. I don't want any problems.

Thanks

 

[pojo2]

At least for the first year consult a Taxs Professional who can address your issues based on each bit of info starting with determining if you are truly a self employed individual.

Then go to irs.gov and look up self employment tax and you will quickly see why it is "set-up" this way!