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If I'm sub-contracted how much should I save for taxes each quarter?
I'm making 4K each month how much should I put away for my quarterly taxes, I will probably find an accountant soon but wanted to know what should I put aside to be safe?
1 Answer
- tlalg1984Lv 41 decade agoFavorite Answer
$4K after expenses or before expenses? Need more information. To avoid any underpayment of estimated tax penalty for 2010 taxes, your total estimates for 2010 will need to equal at least 110% of your 2009 tax. So until you talk to an accountant, I recommend multiplying your tax on your 2009 by the 110% and paying a quarter of that.