Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.
Happy New Year!!
Your tax rate
/bracket will depend on the amount of income
and your filing
status. Also, as an independent contractor
, you will need to take into consideration self employment tax
(FICA for the self employed). This is on the federal
end. There is also state
taxes that you will need to consider. SEE BELOW for a link for 2012 federal and state tax bracket information.
Marginal tax rate of 6%
If you would like, based on your filing status and the amount that you expect to earn, if you provide me with that information, I will provide you with the approximate percentage of your income that you will need to set aside for taxes. On a different note, I'm not sure if you mean paying estimated
taxes when you write set aside, but if not, you can also make estimated tax payments
, which are done quarterly
. Doing this prevents you from having to pay a large amount when you file your tax return
. do let me know if you need clarification on any of the info that I have provided.