50% Might be a little extreme unless you make $100,000k in your other job and are in a high tax bracket 25%-33% might be a little better.
And yes do send the money in to the IRS every 3 months. You will pay a penalty for underpayment and for not paying quarterly. I got hit with like $200 in penalties 2 years ago for just that... so it pays to pay on time and often. If you want you can always pay in more from your fulltime job and not worry about it... say $50-$100 on your W-4 or just claim 0 might make it where you don't have to pay anything extra if you think you are only going to pull in 4-5k a year from side stuff. J.J. On 2/20/08, ColdFusion <[EMAIL PROTECTED]> wrote: > How does everyone handle taxes when income received from consulting work? > > > > Example: > > Project A brought in $1000.00 > > > > Now set aside 33% for federal and say 10% for state (I am in the state where > there are state taxes). > > So if I set aside 50% is that too much? > > > > The figures are just estimates. > > > > (Checking IRS site as well, just thought I would ask here) > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:254763 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
