How much should I take out of my check for taxes?
I just got a job working for kgb_ and they employee their employees as independent contractors. So I want to avoid a big mess for next tax season and take out money for my taxes as I earn it. Does anybody have any idea how much I should take out (like is there a certain percentage)? I live in Colorado if that makes a difference. And YES I do get the irony that I work for kgb_ and have to ask questions on Y!A lmao
Asked By: Long Beach - 1/7/2010
Best Answer - Chosen by Asker
Dear LB: Start with IRS form 1040ES ( estimated payments ). Calculate your annual income. Then look at IRS Pub 17 for tax tables for your income amount. Remember to deduct the standard deduction and your exemption amount $9350 for 09. (close enough for '10... More
Answered By: hrblockerrolquinn - 1/7/2010
Additional Answers (1)
as an independent contractor you are responsible for your own se tax and that is approx 15.3% of your Sch C 'net... More
Answered By: tro - 1/7/2010
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