Re: More boring tax questions
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Does anyone know kind of fines they give you for not paying quarterly?
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You have to pay a certain % on top of what you already owe. It's not huge and it depends on what you made last year if you will even owe quarterly taxes.
You do owe taxes on your winnings though and it won't be 28%, unless you have another job. You have to take into account your personal exemption, standard deduction, and lower tax percentages on the first X you earn.
If you don't have another job, you really need to file as a professional. It will add 15% to your tax bill up to your first 90k in income, however (2% after that).
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