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New Member
posted May 31, 2021 11:26:12 AM

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

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2 Replies
Level 15
May 31, 2021 1:58:11 PM

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

Level 15
May 31, 2021 4:04:50 PM

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?

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How does TurboTax calculate my estimated tax payments?

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