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
CF wrote:
How does everyone handle taxes when income received from consulting work?
We hired an accountant 10 years ago for all of our taxes and it pays
for itself 10 times over every year including the first. If you
family has more than 1 source of income (which includes a business
that can
Was it cash and or paypal?
ColdFusion 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
Well lets apply it to both (was not aware there is a difference) since it is
still classified as income.
-Original Message-
From: Loathe [mailto:[EMAIL PROTECTED]
Sent: Wednesday, February 20, 2008 1:01 PM
To: CF-Community
Subject: Re: Taxes (Fed / State)
Was it cash and or paypal
So if I set aside 50% is that too much?
If you can afford to set aside 50%, do it. Keep it in an interest
bearing savings account.
you'll always have a little extra for those odd times when the taxes
don't quite figure the way you expected.
I used to save out 40% and never had a real problem.
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
Never mind.
ColdFusion wrote:
Well lets apply it to both (was not aware there is a difference) since it is
still classified as income.
-Original Message-
From: Loathe [mailto:[EMAIL PROTECTED]
Sent: Wednesday, February 20, 2008 1:01 PM
To: CF-Community
Subject: Re: Taxes (Fed
-Community
Subject: Re: Taxes (Fed / State)
So if I set aside 50% is that too much?
If you can afford to set aside 50%, do it. Keep it in an interest
bearing savings account.
you'll always have a little extra for those odd times when the taxes
don't quite figure the way you expected.
I used to save
: Loathe [mailto:[EMAIL PROTECTED]
Sent: Wednesday, February 20, 2008 1:01 PM
To: CF-Community
Subject: Re: Taxes (Fed / State)
Was it cash and or paypal?
ColdFusion wrote:
How does everyone handle taxes when income received from consulting work?
Example:
Project
William Bowen wrote:
So if I set aside 50% is that too much?
If you can afford to set aside 50%, do it. Keep it in an interest
bearing savings account.
you'll always have a little extra for those odd times when the taxes
don't quite figure the way you expected.
I used to save out
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