How much should I put aside for taxes?

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You really should have a talk with the business man and get a good understanding on how he will be paying you and reporting your earnings to the IRS and to you.
If self employed you can start your learning process and get ready to take care of all of your social security and medicare taxes out of your net profit from your business operation plus any amount of income taxes that may due at your marginal tax rate.
So at least 25% to start with and you should be making quartely estimated tax payments for that purpose.
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
The independent contractor self employment income will be reported on the schedule C of the 1040 tax form and you will be responsible for the 15.3% of the social security and medicare tax on your net profit from the business operation you also may need to make some quarterly estimated tax payments for the tax year 2010. The last payment would be January 18 2011.
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the www.irs.gov website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
2 of the seven tax tips for starting a business enclosed below.
#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material
*Starting A Business
*Operating A Business
*Closing A Business
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

http://www.irs.gov/

http://access.wa.gov/business/taxes.aspx

Hope that you find the above enclosed information useful good luck...Show more

No way to say without a LOT more information.

If you are an employee there's no need to set aside money for taxes as the taxes are withheld from your wages whether you're paid in cash, by check, or in frozen pizzas.

If you are a self-employed business owner you may need to make quarterly estimated tax payments depending upon your net profit and your individual tax situation....Show more

apparently you are not demanding pay stubs or you would know this answer yourself
also you might get the SS8 from irs to determine what kind of employment you are in
assuming that no taxes are withheld, you are being considered self employed, and will file Sch C on that income and claim any expenses you might have, then if that amount is $400 or more you will file Sch SE and calculate the self employment tax, which is approx. 15.3% of your sch C net
this tax has to be paid, you possibly might not have any income tax but you won't know that until your factor in your personal exemptions, standard or itemized deductions
and, half the SE tax is a credit to reduce your gross income...Show more

If you are his "employee", then he should withhold (take) taxes, but might not.
If you are an "independent contractor", then he should not withhold (take) taxes from you.

In either case, you are not allowed to "save" the tax money in your own bank account or at home. If the tax is not withheld (taken) at work, then you must make estimated tax payments to the government using Form 1040-ES. If you hold onto the money yourself, then you may be required to pay a penalty....Show more