Benno Groeneveld wrote:
and a social security number, I don't think you'll have a problem starting work as a freelance translator (except finding clients, of course).
Just open a bank account, give your social security number to people who will pay you and start cashin those checks.
Keep some money aside from each check that comes in (link a savings account to your checking account), call the IRS or go to www.irs.gov
) and get the forms you need to file estimated taxes four times a year (I try to take at least 20 percent of each check). Prevents a big shock on April 15, 2007 when you have to pay taxes over 2006.
It's more than that. It prevents the IRS from assessing penalties for underpaying estimated taxes. If you're really in the 20% tax bracket, 20% would be fine. I suspect that at the beginning, you won't be in a very high bracket. Look at tax tables based on the annual income expected. You may need to pay estimated taxes to the state as well.
You may consider investing some time (and possibly money, but you may be able to get a free initial consultation) with a tax specialist. Personally, I would make sure your legal status is fine with respect to working.