How badly have I messed up my taxes?
April 9, 2006 11:05 AM Subscribe
I earned 12,100 total income this year. All 1099. Have not made any estimated payments. How bad is my tax situation?
posted by anonymous to Work & Money (18 answers total) 1 user marked this as a favorite
This will be the first time I file. Based on the IRS tax estimator, reading on the IRS website, and what my parents and friends told me, I thought I would get to the end of the year and owe about $800. And I guess I do, in income tax, but there is also the self employment tax. I do not have enough money to pay that. I thought I was being smart, keeping track of, and saving more than enough to pay, what I would owe. But I guess I owe about six times that and I can't pay. I earned 12,100 dollars. All from a single company that I did contract web design work for. So how screwed am I?