taxes Q
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- nocomply
Come on all you wiser and more experienced NTers than I...
about how much % tax would I be looking at if I was an "independent contractor" paid in full for my hourly rate (meaning no taxes witheld).
What are your experiences working under this type of system? What should I watch out for?
sorry for my ignorance here but this is important and any real-life advice would be extremely helpful.
thank you one and all.
- tGP0
depends on what category you are in (based off income) but expect prob 25-35%
keep up with your receipts on write offs, stay organized, and make it easy for the end of the year
cheers and good luck
- industry730
make sure you save some money to pay taxes or pay the IRS your estimated taxes Quarterly. You would probably be best finding an accountant to handle your taxes and give you the best advice.
- tkmeister0
if i were you, i'd put 40% of every check to the saving and then pay taxes quarterly from that account. i think that should cover, state, fed and city and maybe some left to keep saving.
yes, find an accountant. he can show you all the loopholes and best way to avoid paying anymore taxes than you should.
- gpop0
as above, - if you are in the UK. I've just done my 05/06 taxes, its nice to see what money was flying in - but also hard as the only reason I have done my taxes is coz its dry at the mo :(
- almost like a tease!account for everything you can, travel, equipment, designer toys! - though they may question subscribitions to Big Jugs though!
right.. I need to be seeing busy taxes for my next returns... on with the work hunt...