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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 12:08 pm to white perch
Posted on 6/18/16 at 12:08 pm to white perch
quote:
Highly recommend a CPA. Keep track of all your bills, meal receipts, mileage, any expenses you can relate to your job to write off. If no state income tax than I would think 25% should do it, but do 30% if that makes you feel better. Also, most importantly, open up a separate savings account and put that 25% straight in there and forget about it. Makes it very easy to ignore that money and not get tempted to use it for something.
Awesome. Thanks, Brett
quote:
Depending on your income level, that may need to be closer to 40%
fack. it's an entry level position (I just graduated) and I won't be making too much to start out. do you have an idea what kind of income would necessitate saving 40%?
1
Posted on 6/18/16 at 12:11 pm to Carson123987
You will be plenty safe this year, as you don't start this job till midway through the year and already have some w2 withholding from your previous job (albeit at a much lower rate of pay). Use this time to plan for next year
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