Actually, editing manuscripts about far away science is pretty cool. I thought at first it might be just tolerable, but I might look around for more opportunities to do this type of work to keep me busy in the meantime. My one concern- how am I gonna pay these taxes? If I am going to do a lot of freelance work, do those people usually become business entities, or do they just wing it and keep their invoices? Would appreciate any insight before I make a fool of myself.
But yeah, the actual work is pretty easy and not too draining (for now). I can listen to music and drink tea while I do it, too.
Also, I am almost finalized to be a volunteer at the local science center, which is a WAY fun hands-on interactive museum. I'm really looking forward to playing/ helping there. So yeah, one week of work left, and I am looking forward to it. Dr. Boss told me not to worry about getting my stuff cleaned up by the end of the month, I can hang out there if I need for a while. Very generous offer, frankly.
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If you are earning cash income, the IRS expects you to declare it on your year end 1040 and pay appropriate taxes on April 15th. If its a "lot", you are expected to make quarterly estimated tax payments using 1040ES vouchers 4 times ayear, sort of like withholding. A lot is at least 5-figures. If you are paid more than $600 in a year, your payor is obligated to submit a 1098 to the IRS saying who you are and how much you got paid by them. Sort of a W-2 idea. There are apparently programs that try to match up 1098's and 1040's to see who isn't owning up to their income. When you file taxes, you can show business expenses if you have'em to reduce the presumed "income" reflected in your 1098's. You will also discover the dreaded "self-employment" tax that captures all the FICA you and a regular employer would have paid on a normal payroll (just under 14%). So it pays to hold out some money to prepare for the April Hit if its going to add up. Hope that helps...
Ugh, that does help. Thanks Dad.
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