what percentage of my paycheck should i hold back , I am an independant contractor I have been putting back a third but that seems much so how much should I put my hours vary so I do not have a set amount i get paid.
2007-07-09 08:17:32 · 3 answers · asked by snicoleb04 2 in Business & Finance ➔ Taxes ➔ United States
Around 15.3% of your net will go for self-employment tax - that's social security and medicare. Income taxes (federal, and maybe state and local depending on where you live) will be in addition to that - it's impossible to tell from your information what those might be. It depends on many things, like your location, your total income for the year, and your filing status.
2007-07-09 08:38:53 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Having an settlement does not make somebody an self sufficient contractor. If the regulation makes a individual an self sufficient contractor, then you rather will possibly not ought to withhold tax. If the regulation does not make the guy an self sufficient contractor, then the guy is an worker, no count what the settlement says, and you ought to withhold tax and difficulty a W-2, no count what the settlement says.
2016-12-14 03:49:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
30%
2007-07-09 14:44:36 · answer #3 · answered by ed s 1 · 0⤊ 0⤋