Here's what I do....
Posted By: IC MT on 2006-02-13
In Reply to: Taxes if you are an IC - Shanna
I figure I need to hold about 33% of each check. It goes into a savings account I have called Payroll taxes. My husband and I file jointly, so I'm never really sure how much of what we end up paying is actually mine, but that seems to be enough.
We also pay an accountant to do our taxes. It is more than worth it to us to pay him $200 to keep us out of stressful fighting in March and April!
I got my 33% withholdings from looking at old pay stubs from an in-house job and figuring what the company was withholding for SS, medicare, FICA, and whatever. This probably varies from state to state.
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
|
