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rrar777
New Member

I'm self employed. What % of my income should I withhold for taxes?

 
2 Replies
Bsch4477
Level 15

I'm self employed. What % of my income should I withhold for taxes?

Self employment tax is about 15.3% of net income. Of course that income is also subject to regular income tax. 

Critter-3
Level 15

I'm self employed. What % of my income should I withhold for taxes?

It really depends on your entire situation ... but a rule of thumb is 20% of gross income or 30% of net profits. 

 

What are estimated taxes?

https://ttlc.intuit.com/replies/3301588

Do I need to make estimated tax payments to the IRS?

https://ttlc.intuit.com/replies/3301891

                      

Why did 1040-ES estimated tax vouchers print out? Do I need them?

https://ttlc.intuit.com/replies/3301872

How does TurboTax calculate my estimated tax payments?

https://ttlc.intuit.com/replies/3301730

 

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