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Illinois Department of Revenue Schedule J Attach to Your Form IL 1120

Illinois Department of Revenue Schedule J Attach to Your Form IL 1120

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welcome to county office your ultimate guide to local government services and public records let's get started when to pay taxes as an independent contractor as an independent contractor managing your tax obligations is crucial to avoid penalties and ensure compliance with tax laws here are some key points to consider self-employment tax independent contractors are responsible for paying their own Social Security and Medicare taxes known as self-employment tax this tax is 15.3% with 12.4% going to Social Security and 2.9% to Medicare quarterly estimated tax payments the US tax system is a pay as you go system meaning independent contractors must make tax payments regularly throughout the year these payments are due on April 15th June 15th September 15th and January 15th of the following year calculating quarterly payments to calculate these payments independent contractors need to estimate their annual income and expenses they can use the previous year's tax return as a

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