What software is best for figuring out how much taxes to pay when you are considerd an Independant Contractor?
By Daki - Last updated: Friday, February 22, 2008 - Save & Share - One Comment
nac7149 asked:
My wife is a Hair stylist in Iowa. We are looking for the best software to track her income, taxes, and deductions.
kuapp.com/
My wife is a Hair stylist in Iowa. We are looking for the best software to track her income, taxes, and deductions.
kuapp.com/
Comment from Cat
Time February 23, 2008 at 5:53 am
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.