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TomCopeland 08:20 AM 03-20-2013
Originally Posted by tamarab71:
I just had my first daycare child enroll 2 months ago-He only comes 3 hours/day and I only get paid $105/week from his parents. He is an infant so there is no CACFP program for him as I only give him one bottle/day (not worth the paperwork involved). My husband works and has extra taken out for taxes but we depend on that as a refund come tax time, I don't want to lessen that for him by not paying taxes myself. Now, as it's almost April, I'm wondering how to go about paying self-employment taxes. Does anyone have any suggestions? Help!
It's too late in this quarter to have your husband withhold more from his taxes. So, you can file quarterly estimated taxes for your income by April 15th. File IRS Form 1040ES. It's basically a deposit slip indicating how much you are sending the IRS. You will owe about 20% of your gross income (parent fees and CACFP income).
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