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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10138
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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How much I pay taxes if I'm self emloyed I mean % to pay

Customer Question

How much I pay taxes if I'm self emloyed I mean % to pay taxes
Submitted: 9 months ago.
Category: Tax
Expert:  Lane replied 9 months ago.

Hi,

...

Your tax rate depends on whether you file as single or married filing jointly.

...

As a self-employed individual, your profit from your business isn't taxed AT the business level, it flows to your personal 1040.

...

and remember that you will deduct business expenses before coming TO that taxable profit

...

Single Filing Status

[Tax Rate Schedule X, Internal Revenue Code section 1(c)]

  • 10% on taxable income from $0 to $9,075, plus
  • 15% on taxable income over $9,075 to $36,900, plus
  • 25% on taxable income over $36,900 to $89,350, plus
  • 28% on taxable income over $89,350 to $186,350, plus
  • 33% on taxable income over $186,350 to $405,100, plus
  • 35% on taxable income over $405,100 to $406,750, plus
  • 39.6% on taxable income over $406,750.

Married Filing Jointly or Qualifying Widow(er) Filing Status

[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]

  • 10% on taxable income from $0 to $18,150, plus
  • 15% on taxable income over $18,150 to $73,800, plus
  • 25% on taxable income over $73,800 to $148,850, plus
  • 28% on taxable income over $148,850 to $226,850, plus
  • 33% on taxable income over $226,850 to $405,100, plus
  • 35% on taxable income over $405,100 to $457,600, plus
  • 39.6% on taxable income over $457,600.