Question about paying taxes

[orangecakez]

I am in New York and this is my first time getting a job and I will be an independent contractor for a company. I have to fill out a W-9 form, then they will give me a 1099 form after I've made some earnings or something (that's the way I understand it). I've never filled out forms for taxes before, so how does this thing work? When I get my 1099 form, do I just take like 30% of the total money I have earned and pay it to the government or something? Should I just go to a place like H&R and have them do it for me? Also, I just read about these quarterly estimate reports...how do I do those? There are so many forms to fill out it's confusing. I wish it were just as simple as taking a chunk out of my total income and having them take it or something. How much of my money will be taken out for taxes approximately at the end of the year? 30% of my gross?

[irsos]

Originally Posted by orangecakez

I am in New York and this is my first time getting a job and I will be an independent contractor for a company. I have to fill out a W-9 form, then they will give me a 1099 form after I've made some earnings or something (that's the way I understand it). I've never filled out forms for taxes before, so how does this thing work? When I get my 1099 form, do I just take like 30% of the total money I have earned and pay it to the government or something? Should I just go to a place like H&R and have them do it for me? Also, I just read about these quarterly estimate reports...how do I do those? There are so many forms to fill out it's confusing. I wish it were just as simple as taking a chunk out of my total income and having them take it or something. How much of my money will be taken out for taxes approximately at the end of the year? 30% of my gross?

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