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
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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
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.
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