Mystery Shopper's Manual

  • Blog
  • About
    • Privacy/Disclosures
  • The Mystery Shopper’s Manual
  • Mystery Shopping Companies
You are here: Home / Mystery Shopper Taxes / Quarterly Estimated Income Taxes Due

Quarterly Estimated Income Taxes Due

June 10, 2009 by Cathy Stucker

tax_reminderIf you pay quarterly estimated income taxes, your second-quarter estimated tax payment (using form 1040-ES) for 2009 is due on June 15, 2009.  Although most mystery shoppers who accept occasional mystery shopper jobs will not have to be concerned with paying quarterly estimated taxes, if a significant portion of your income is derived from secret shopping or other independent contractor activities, you may need to file quarterly tax returns.

Not sure if you have to pay? You can figure it out by consulting the IRS web site at http://www.irs.gov/publications/p505/ch02.html

Need to know more?

Here are some general rules about who has to pay estimated taxes:

If most of your income is from being an employee, and you have tax withheld from your paychecks at your primary job, you may not need to pay estimated taxes. (This could also apply if your spouse is the primary wage earner and s/he has taxes withheld from his or her check.)

You must pay estimated tax for 2009 if both of the following apply:

  • You expect to owe at least $1,000 in tax for 2008, after subtracting your withholding and credits.
  • You expect your withholding and credits to be less than the smaller of:
    1. 90% of the tax to be shown on your 2009 tax return, or
    2. 100% of the tax shown on your 2008 tax return. Your 2008 tax return must cover all 12 months.

Seem complicated? Well, the tax code certainly can be complicated. Here is one easy way to determine how much you should pay: If you expect your income to about what you earned last year or more, you can simply make sure that the taxes withheld from your paycheck, plus any amounts you pay in estimated taxes, equal your tax liability for 2008. If you earn more money this year you may end up owing more in taxes, but you will not owe any penalties if you pay the taxes by April 15, 2010.

You can download the 1040-ES form for paying your estimated income taxes, along with the instructions and more information about estimated taxes at http://www.irs.gov/pub/irs-pdf/f1040es.pdf

Filed Under: Mystery Shopper Taxes Tagged With: Income tax, income taxes, independent contractor taxes, quarterly estimated taxes

« Mystery Shopper Best Practices – Communication
The Best Mystery Shopping Company »

Mystery Shopping Companies

Updated 4/20/18! Access my free curated list of more than 150 legitimate mystery shopping companies.

Scam Warning

If you received a check or money order with instructions to cash it and wire money to someone, DON'T DO IT! This is a scam.
Click here to learn more about
mystery shopper scams.

Get ‘The Mystery Shopper’s Manual’

NEW 7TH EDITION!

Get your personally autographed copy of The Mystery Shopper's Manual here.
mystery-shoppers-manual-3d

Connect with Cathy

Follow Me on FacebookFollow Me on Google+Follow Me on TwitterFollow Me on LinkedInFollow Me on YouTubeFollow Me on PinterestFollow Me on RSS

Recent Articles

  • Do Millionaires Mystery Shop?
  • Mystery Shopper Resolutions
  • Mystery Shopping for Mystery Shopper Pros
  • Keep the “Secret” in “Secret Shopper”
  • The McDonald’s Receipt Hack

Categories

Applying to Mystery Shopping Companies Customer Service Dealing with Mystery Shopping Companies Dealing with Shopping Emergencies Employees and Mystery Shopping Grammar and Spelling Green Mystery Shopping Hazards of Mystery Shopping Holiday Mystery Shopping How to Become a Mystery Shopper Identity Theft Independent Contractor Issues Industry News Make Money Online Memory Improvement Money and Mystery Shopping Mystery Shopper Certification Mystery Shopper Ethics Mystery Shopper Fun Mystery Shopper Jobs Mystery Shopper Scam Mystery Shopper Scheduling Companies Mystery Shopper Secrecy Mystery Shopper Taxes Mystery Shopper Tools Mystery Shopping Clients Mystery Shopping Company Mystery Shopping Pay Mystery Shopping Providers Association Mystery Shopping Recordkeeping Mystery Shopping Resources Online Security Opportunities for Mystery Shoppers Preparing for the Mystery Shop Profitable Mystery Shopping Secret Shopper How-To Secret Shopper Quick Tips Secret Shopping and the Law Secret Shopping Confidentiality Sticky Secret Shopper Situations Technology and Secret Shopping Types of Mystery Shops Video Mystery Shopping Working Online Writing Mystery Shopper Reports

Copyright © 2004 - 2023 · Cathy Stucker

Copyright © 2023 · Beautiful Pro Theme on Genesis Framework · WordPress · Log in