Here's what I do.... - Just me Posted: Aug 19th, 2016 - 4:35 pm In Reply to: I forget, what is a reasonable amount to take out of your check - each week for IC taxes? sm
For federal income taxes I look it up on this link - start at page 46: https://www.irs.gov/pub/irs-pdf/p15.pdf That's just the fed taxes. For the Social Security/medicare tax you need to old out 12.4% (employee portion is 6.2% and since you are self-employed you have to match it). If you have state income tax you can find that information on your state income tax website that gives you basically what I gave for the IRS version. Usually between all of this you need to hold out 20-30%. I use an Excel Spreedsheet to calculate it all on paydays so every quarter I know what to send in to the IRS and state.
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