How much to put away for taxes when self-employed?

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What’s the best way to calculate how much to put aside for taxes as a self-employed business owner with a new business? As I grow my business and raise the amount of profit, how do I get updated on the changing amounts of tax brackets for how much I pay? 

[MeraKI LLC]

This is a great question. I live in Alabama and I’m wondering the same thing.

[Cindy4 · Accepted solution]

• Self-employment tax includes both the employer and employee portion of Social Security and Medicare.  This totals 15.3% on 92.35% of your net profit.
• You will also want to include your federal income tax when paying your estimated taxes for self-employment.
• The IRS requires you to pay quarterly estimated taxes if your'e going to owe more than $1,000. 

The tax brackets dictate your tax rate and they can be found here:  https://turbotax.intuit.com/tax-tips/irs-tax-return/what-is-my-tax-bracket/L3Dtkab8G#GoTo-What-are-t...

Here is a great resource for calculating your self-employment tax:  https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4##

Hope this helps!

Cindy