Tuesday, July 12, 2011

How much to save for filing 1099 taxes?

You wont be filing a W2 as they are for employees. You need to d quarterlies if you will owe 1k or more at tax time. You need 13.2% for social security and medicare (back to 15.2% next year). On a schedule C you will report your income and subtract your expenses. How much federal and state depends on a lot. Married? Kids? Other jobs? etc.

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