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    losmriveras5's Avatar
    losmriveras5 Posts: 1, Reputation: 1
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    #1

    Jun 19, 2008, 12:06 PM
    Determining Taxes for Independent Contractors
    I am a new contractor and need to know how I go about determining the amount of taxes I will be paying.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 19, 2008, 01:01 PM
    Well for start you will have to pay yourself employment taxes ( basically your social security) f, then you have your standard state and federal taxes. So a good guideline is to put back 35 to 40 percent of your money for taxes.
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