Create your free account now! Sign up

Re: As a 1099 contractor what tax’s are paid out o

I have been a 1099 SP since 2009 and i can guarentee we pay both sides of Fica/SS tax on top of income tax. If you pull in 60,000 net after deductions you are looking at around 25% effective tax rate so every 1000 you pull in after deductions you need to set aside 250 for taxes. I cant stress enough how important it is to do quarterly filings from the get go. Besides the fact that you will pay penalties if you dont, it can get overbearing at tax season if you havenet made the payments. Being from North dakota tax season is at the end of the slowest work time of year so everyones broke and makes tax  payments that  much more painful if you didnt do quarterlies.
This is CABL.com posting #377194. Tiny Link: cabl.co/mbKhW
Posted in reply to: Re: As a 1099 contractor what tax’s are paid out o by Wildcatsfury
There are 0 replies to this message