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Ive been an IC for 10 years. I never used to take money out of my paychecks, i'd just pay my quarterley estimates based from the year before... well that all ended when I owed over 8K in back taxes, and then I finally bit the bullet and started taking out 30 percent of every single paycheck and put it directly into a "tax" account. I know pay quarterleys, not the amount from last year, but the amount that is equal to 30 percent of each paycheck. does that make sense? I don't owe state taxes though because I live in NV. However, I will give you my 2 cents, it is better to over pay than to have to pay more at the end of the year. If you over pay, it just goes towards my next quarterly and lessens what i owe...
Hope that all makes sense.
It is definitely more taxes than normal, but in what other job could I spend half the day doing what i want to do and taking days off i want to take off!!! :) |
it is high... it's worth it for me - Emily Ayn 
