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Video instructions and help with filling out and completing Form 1040-EZ vs. Form 1040-es-nr

Instructions and Help about Form 1040-EZ vs. Form 1040-es-nr

Hi my name is bond james bond but friends call me zero zero seven i am a self-employed spy and last year i made one hundred thousand dollars in gross income so this year i'm filing single and i want to walk you through my form 1040 es giving you step-by-step instructions on how to fill out your own form 1040es so let's jump right into it one thing i want to say here is that when you file form 10 for es you got to understand the background behind it everybody knows that income tax is a pay-as-you-go system right so if you are let's say you are an employee you pay federal withholding as part of every paycheck every two weeks every month every week whatever but if you are self-employed what happens you might have to make quarterly estimated tax payments towards the amount that you expect to owe the irs or you might have an underpayment penalty nobody wants that right so those payments should include both your income and self-employment taxes and are reported via form 1040es and self-employment taxes you have two types you have uh social security and then you have medicare for your social security there's 12.4 and medicare 2.9 taxes one thing i want to say here is that when you work for a company your employer will pay part of that and you will pay the other part in other words 50 but if you are self-employed you pay everything and so if you are self-employed as a sole proprietorship an independent contractor or a freelancer and you earn more than 400 dollars so four hundred dollars or more not a thousand sorry if you earn four hundred dollars or more you may need to pay your self-employment...