Need tax help

Hi @Wonnie - welcome to QB Community, and congratulations on your new gig! As an independent contractor I've never had to pay any additional taxes beyond the standard federal and state taxes. You can find some great tax resources and information on our Learning and Support page. (Definitely check out "Taxes for Freelancers.")

Moving forward, it's worth considering whether you should be paying estimated quarterly taxes rather than a lump sum come tax time. Here's a helpful primer on that.

What field are you in?

Wonnie, 

This is one of those situations where it will pay to visit a tax professional.  Depending on how you set up your company you will either be able to take out payroll taxes from your pay check, or pay quarterly esimates, or possibly both.    You also need to be aware that you are now 100% responsible for your SS, Medicare, and Fica taxes, of which your employer previously paid half .  And if you miss something, or your payments are late, not only is the tax due, but penalties and interest.    This is a situation where the saying, "You don't know what you don't know" applies. 

It depends on the state and if you have any employees.

I am in WA and we have to pay the following:

- WA State Sales Tax to the Dept. of Revenue

- Business and Occupation Tax  to the Dept. of Revenue

- Personal Property Tax to the county your business is located in

- Possible additional Business and Occupation taxes to individual cities you do business in.

-  For employees - 941 & 940 (IRS), WA State Unemployment and WA State Labor and Industries Taxes.

Most State's have a webstie and/or number businesses can get info from.