August 27, 2009
What software is best for figuring out how much taxes to pay when you are considerd an Independant Contractor?
nac7149 asked:
My wife? a hair stylist in Iowa. We are looking for the best software to monitor her income taxes and deductions.
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My wife? a hair stylist in Iowa. We are looking for the best software to monitor her income taxes and deductions.
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Filed under Small Business by kris
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Comments on What software is best for figuring out how much taxes to pay when you are considerd an Independant Contractor? »
Kiplinger’s TaxCut, and TurboTax are the two more popular, reliable, tax software packages out there.
She should be setting aside roughly 30 to 50% of what she earns, to cover taxes. (variables would be if you are in a taxing state and city, and what your total household income is – which federal income tax bracket you are in)
15% of her profit goes to self-employment taxes. Then there’s federal income tax, and then state and city if they apply.