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    chadcmd's Avatar
    chadcmd Posts: 3, Reputation: 1
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    #1

    May 26, 2009, 09:14 PM
    1099 need to know how much to save for taxes
    I just got a new job and they don't hold anything out of my checks. I need to know how much to hold out of each check like a percentage since its commission. I like in Oklahoma and file married. Also how to find out what I can write off and exactly how that works. If anyone can help would greatly appreciate it!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    May 26, 2009, 09:33 PM

    No you don't have a job, you have your own business and you have a contract to provide service.

    As such you will have business expeneses, a lot of things you do will be able to be deducted from your gross income.

    But of your taxable income, you want to save back about 30 percent for taxes. Also you may have to do quarterly estimated taxes as a 1099 person.
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