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curry2386 | How much money should I save for taxes if I'm self employed? |
I'm fresh out of college and self employed (and know nothing about taxes or business)
I'm a freelance illustrator and so far this year I've made a little over $4,000 -- so being generous I could guess that I'm going to make about $10,000 - $15,000 total this year.
What percent of my money should I be saving for taxes?
I have read from as little as 10% and been told in person as much as 30%
So far I've been saving a little over 20%
Also, do you have any business / tax tips that you think I should know about?
Additional Details
ALSO: I'm in the United States. |
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Habitat for Humanity
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Set up a company, an easy one is a DBA (doing business as) it will help you organize your finances and may create tax benefits you would other wise not be eligible for. |
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Smiling
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A DBA does nothing but give you the legal right to use a name as a sole proprietorship. If you are a sole proproitorship and doing business as anything but your own name (Sally Smith Graphics), you are required to have a DBA.
You are required to pay 15.3% Self Employment tax on ALL profit. This covers your medicare and social security payments (called FICA taxes for traditional employees).
In addition, you are required to pay standard income tax (standard tax brackets on IRS.gov) Some things like health insurance premiums are deductible for self employed people, so this amount will be less than your Self Employment tax.
If you are earning $15000 profit this year, you can probably save back 20% total (SE Taxes & Income tax) and you will be good. The more you earn, the more taxes you pay. |
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tro
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you can get publication 334 from www.irs.gov to help you with business help
you will be subject to paying your own self employment tax which is approx 15.3% of your Sch C 'net" amount
the se tax will be reported on a sch SE, and you should be paying this on the 1040ES for the 4 quarters for 2010(April and June(today) have expired)
however much this impacts your gross income will determine how much your income tax will be
but as a single person without dependents your non taxable income will be $9350 |
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StephenWeinstein
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1. You are not allowed to save the money yourself. You must make estimated tax payments. If you wait until the end of the year to start paying, then there will be penalties. See the instructions to Form 1040-ES to calculate how much to pay. Do this before 5:00 today, because the second payment is due June 15 (you already missed the due date for the first payment).
2. Self-employment tax is 15.3%. Regular income tax is nothing for the first $5700 if your parents can claim you as a dependent; the first $9350 if you can claim yourself. In your case, most of the rest will be 10%, although a little might be 15%. So 15.3% of the total for self-employment tax, plus $650-$970 for income tax. |
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