I will earn between 100k and 110k this year. How much should I set aside for taxes? I live in Georgia.?

Answer 1

I am assuming that you are self employed, otherwise, your question would not make sense.

20 - 25k in Federal Income Tax
6K IN State Income Tax

FICA will cost you about 12k (double 6.2% caped at 97,500 in earnings)
Medicare will cost you about 3k (double 1.45% with no cap)

Not sure if GA has unemployment ,disability, or workers comp requirements.

So, worse case, you will be paying 46k. However, I would hope you have lots of deductions to reduce that amount. Like mortgage interest, real estate tax, charitable contributions, a tax deferred savings account, section 125 medical deducations.....etc

Answer 2

Exactly 32% would cover federal tax bite if you are single and don't itemize. Find out what your state tax rate percentage is and add that to the 32%; this will tell you exactly what you are looking at. This is if you are a self-employed person. If you are receiving this as pay and filed a W-4 then the taxes are withheld for you.

Answer 3

I set aside 35% because I am self-employed and have self-employment taxes to cover. However, if you are not self employed something in the mid 20s should work. Of course, this will all depend on your personal deductions, previous loss carryovers, etc.

Answer 4

If you're self employed, I would set aside 30% to 35%. If not, 20% should cover it.

Answer 5

If you are self-employed, set aside 35%. works for me here.

Answer 6

You're paying about 35% income tax at that level. If you're self-employed, you'll need to throw in another 7.5% for the Self-employment tax and FICA may tac on another 7.5%.

Wow, that's about 50%, isn't it? You rich SOB you! ;-)

Answer 7

wow what do you do for a living