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re: Starting job in July that is 1099 instead of W2. What should I be saving?
Posted on 6/18/16 at 12:20 pm to Carson123987
Posted on 6/18/16 at 12:20 pm to Carson123987
quote:
What should I be saving per month for the quarterly tax payments? Is 30% about right? Single, no dependents, etc. I'll in Houston, so no state income tax. I'm just gonna hire a CPA to do all this shite once I get settled in, but I'd still like to have a ballpark percentage going in.
Your OASDI/Medicare is going to be 15% off the top, so that's your starting point. I might even go 35% depending on your gross. You'll know a lot more after you pay that first quarterly bill.
quote:
I'm just gonna hire a CPA to do all this shite once I get settled in, but I'd still like to have a ballpark percentage going in.
quote:
rom what I've gathered, I definitely need to get an LLC w/ S election down the road,
This cannot be done soon enough. I see you're starting this situation in July and you want to wait, but you're only asking for trouble down the line to convert your operations. If you "dive in" and wait, I would set a hard deadline for yourself to have it done and ready to convert NLT 1 January.
This post was edited on 6/18/16 at 12:22 pm
Posted on 6/18/16 at 12:25 pm to Ace Midnight
quote:
Ace Midnight
I was planning on having it set up for January 1st. Company has evaluations every 6 months so it would coincide perfectly while giving me a chance to get settled in.
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