I have to pay my own taxes, how much money do I take out per week?

Question

My new job is going to pay me $660 dollars a week. I have to pay my own taxes out of that and I was just wondering exactly how much of that per week I am going to have to put back if anyone knows. I live in Minnesota, if that helps.

Answer 1

You should be putting aside at least a third. For state and Federal Taxes. Put it in a seperate account then when you need to pay taxes or report it it's there.

Answer 2

You are self employed. You report your income on schedule C and must also pay SE taxes.

You may like to read this about self employed tax filing: http://taxipay.blogspot.com/2008/04/tax-...