How much should I be saving if I day trade options full time?

[Jesse Atkinson]

I started day trading options full-time this year and have been saving around 40% for taxes. 

Just so I can wrap my mind around how much I need to save, let's say this year I make $500k in profit day trading. If I live in Colorado, is it safe to say that by saving 40% of my profits I will be able to pay the amount i owe to the state and federal government?

[JohnB5677]

I'm not sure,  If you're going to state that you're a full-time day trader IRS Trader Status you will report business expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship).

This will generate a self-employment tax of 16.4% plus,

Colorado is 4.4%, and the

Federal tax rate is $47,843 plus 35% for everything over $209,426.