Is there a ballpark percentage that I can use to determine how much in taxes I'll pay if I make $700 a week or less as an independent and/or working at a company?

ssshina — Tue, 04 Jun 2019 18:47:50 GMT

Sure...crude ballpark. IF you make $700/week self-employe...

SteamTrain — Tue, 04 Jun 2019 18:47:51 GMT

Sure...crude ballpark.

IF you make $700/week self-employed contractor (no significant business expenses)...vs. exactly the same $700/week W-2. You'll pay ~7.65% more in taxes as an independent contractor (Self-Employed)...because you have to pay both the sides of the SS and Medicare taxes....not just the employee side.

That assumes no significant business expenses. Or about $2600 more for a 50-week working year (roughly)

In either case, you have regular income taxes on top of that.

topic Is there a ballpark percentage that I can use to determine how much in taxes I'll pay if I make $700 a week or less as an independent and/or working at a company? in Get your taxes done using TurboTax

Is there a ballpark percentage that I can use to determine how much in taxes I'll pay if I make $700 a week or less as an independent and/or working at a company?

Sure...crude ballpark. IF you make $700/week self-employe...