Calculating Taxes from a 1099 paycheck

[Laura -dot- Praderio -at- Level3 -dot- com]

Well, it may not be that clearcut. 

I've been doing my own business taxes (1099) for years now and I just use
TurboTax. It rocks! If you find a web site please please please let me know
but the items that affect your taxes from a 1099 paycheck are myriad and
colorful:

Numero Uno: What's your tax bracket for the feds? Is it 12% to 38% of your
blood?
Numero Duo: What's your tax bracket for the state(s) you collect checks in?
I figure about 5% should cover any state(s) (even Taxachusetts).
Numero Tre: All those dandy write-offs affect the bottom line such as home
business, mortgage interest, contributions, fees, insurance, din dins for
clients, travel hither and yon, utilities, supplies, postage for resumes and
bills, cell phone, gifts for employees at the holidays, retirement
contributions, and a few tens of others to start with.

Advice: If you want to just ballpark it and have it easy, multiply the state
tax then the federal tax and send those dollar amounts on their respective
ways. i generally figure that i spend 40% of my business income on overhead,
taxes, retirement, vacation, and costs. 

good luck!
laura praderio

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