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A lot. I don't know exactly how much, but it will be far more than any other year.
by nathanbarry 14y ago
A lot. I don't know exactly how much, but it will be far more than any other year.
- nwhitehead 14y agoThese are the problems you want to have.
- jrockway 14y agoWouldn't it be good to figure this out before claiming to have doubled your salary? When you have a W-2 job, your employer pays a lot of taxes that are not included in your salary. When you switch to 1099 or self-employment, you now have to pay those taxes yourself.
- stevenwei 14y agoThe employer pays 6.2% of wages up to $110,100 for Social Security and 1.45% of wages (no limit) for Medicare. It's small but known quantity.
- greenranger 14y agoNitpick much? If he's grossing twice as much as he did last year, then he doubled his salary regardless of what taxes him or his past employer were required to pay in a given year.
- deleted 14y ago[deleted]
- zulfishah 14y agoFor next year, you probably want to talk to an accountant about paying estimated taxes. If you drop 20k in taxes to the IRS at the end of the year, they're not going to be happy. In fact, you can get fines for doing that.