

Human: I signed up for a part time job as a contractor. How much do I need to set aside to pay taxes on what I earn since they don't take it out themselves?

Assistant: I’m not an expert on tax law, but this is roughly the kind of question I have information about. The amount you owe is calculated by adding up all of your income from the job and then subtracting what you can deduct, and there are rules about whether the payments you make are taxable or not. If you’re a contractor, some payments are considered taxable income, even if they’re labeled as “reimbursement”. It’s also possible that the contract terms require you to treat some payments as deductible expenses, which means that you pay no tax on them. For more details, you should talk to a tax accountant.


Human: I signed up for a part time job as a contractor. How much do I need to set aside to pay taxes on what I earn since they don't take it out themselves?

Assistant: Did you get a W-9 form to fill out and return to them?
I signed up for a part time job as a contractor. How much do I need to set aside to pay taxes on what I earn since they don't take it out themselves?
I’m not an expert on tax law, but this is roughly the kind of question I have information about. The amount you owe is calculated by adding up all of your income from the job and then subtracting what you can deduct, and there are rules about whether the payments you make are taxable or not. If you’re a contractor, some payments are considered taxable income, even if they’re labeled as “reimbursement”. It’s also possible that the contract terms require you to treat some payments as deductible expenses, which means that you pay no tax on them. For more details, you should talk to a tax accountant.
Did you get a W-9 form to fill out and return to them?