I heard different opinions on this matter from different articles and different tax experts, so could someone set the record straight?
I'm currently contracted with this company. I had filled out a W-9 form when I first started with the company.
I receive paychecks in full with no taxes withheld.
So my assumption is that I will be receiving a 1099-MISC form at the end of the year for my income tax file return. Is that correct?
Since this job is my only source of income, roughly $50K per year, my next assumption would be that I would have to pay out estimated taxes every quarter, adding up to at least 90% of my total taxes by the end of the tax year. Is that correct?
People, tax experts, and online articles have confused me saying different things on this matter.
Some say I don't have to pay out quarterly because I'm not a business owner and just a contractor with a company. Is that at all true?