How much should i take out for taxes?

Question

I'm in FL and an independent contractor. What % of my income should I keep aside for tax purposes?

Answer 1

  what  you  do  is  put  yourself  in  a  payroll and  put  the  rest  back  in  your  business,get  an  accountant  unless  you  have  one already.

Answer 2

not much, you can itemize at the end of the year. i would claim 4, and hire a good accountant to file my taxes.

Answer 3

25-30%.  More if you are successful as the federal tax rate is 10% for only the first $8025 of taxable income.

Don't forget to look at form 1040ES to see if you need to make estimated tax payments.

Answer 4

The federal Self-Employment tax is 15% + your local state taxes, so I'd say 18~20% of your gross income.