I have taken on a second job as in independent contractor, and are required to pay my own taxes from my weekly pay which is $350.00. How do I determine the amount to be deducted
AtlantaTaxExpert
Jul 29, 2006, 07:44 PM
Your self-employment tax will be 15.3%.
Your income tax will depend on your total income. A good assumption is that you are in the 15% tax bracket.
So put aside one-third of each weeks paycheck for taxes.