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Quarterly taxes
Posted on 7/9/17 at 4:24 pm
Posted on 7/9/17 at 4:24 pm
I am about to a side job where I have to keep up with my own taxes. After some research I see where I need to pay quarterly taxes. I was trying to see if there was an estimate of what I needed to put back for social security, federal, and state(MS). I was going to go with 25% for the first quarter and meet with an accountant and adjust accordingly. If anybody had any suggestions it would be greatly appreciated.
2
Posted on 7/9/17 at 5:19 pm to Lsuglen2483
It depends on your marginal income tax rate but I think 25% is a good figure to start off with. Since this is a side job have you considered having more taxes withheld from your regular job pay? I am retired now but when I was working a full time job and some as an independent contractor, I did this. I avoided having to file quarterly and still managed to owe the IRS a small amount almost every year at filing time. Even though I owed them a small amount I was never forced to pay quarterly. My tax professional helped my wife and me with this.
Posted on 7/10/17 at 7:02 am to Lsuglen2483
More like 40% especially when you include state. Medicare/SS is 15% alone on top of your income tax plus you have state tax. Medicare is 2.9% and SS is 12.4% I believe.
Posted on 7/10/17 at 2:48 pm to baldona
Take the S-Corp election and tell Uncle Fica bye bye.
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