I have been working since February at various jobs and different pay all 1099. I am completely new to this but I would like to know what should I be doing? I have saved almost all of the money I have earned as well as the pay stubs. I have no dependents, etc it is just me, so what am I in for?
2007-08-30 18:35:35 · 3 answers · asked by anotherday 1 in Business & Finance ➔ Taxes ➔ United States
It depends on how much you make total. Figure 15% for self-employment tax, plus income tax of maybe another 10-20% depending on your income and on what state you are in. If you are making over around $50K or live in a state with a high income tax, it could even be more than that.
2007-08-30 18:54:07 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Not sure what tax bracket you are in but I think you would be safe with saving 20% for taxes. If you are really worried contact a tax advisor or local HR block office and they can advise you.
2007-08-31 01:38:38 · answer #2 · answered by totalstressor 4 · 0⤊ 1⤋
take .22 out for a straight 40 if you get time and a half constantly id take out .25 or 25%
2007-08-31 01:43:25 · answer #3 · answered by fightingstatue 3 · 0⤊ 0⤋