taxes question

[mrsovernite]

Does anyone know of a website, that you can type in your state, county etc. and the amount of $ that you've made and have it tell you how much you'll have to pay in taxes? I do a job that I work from hom, that I'd like to find out how much I should set aside in expectation of taxes, plus for things like this.

TIA!

 

[LorieR]

H&R Block has tax calculators. http://www.hrblock.com/taxes/tax_calculators/index.html You can estimate how much you will owe for 2007 here.

My DH and I are both independent contractors and pay estimated quarterly taxes. I know which tax bracket we are in but inflate that by about 10% and put that pecentage aside with every check we receive. That way, we have enough to pay our federal and state taxes, enough to fund our individual IRAs for the year, and a nice chunk of change left over that we leave in savings.

 

[bumbershoot]

Good for you, for thinking ahead! The biggest thing I remember getting slammed by was that double (?) payment on Social Security taxes...it's been explained that when you have an employer, you pay half of the SS and they pay the other half. When you're contracted or self-employed, you pay BOTH. That always socked me, especially since my business didn't bring in all that much money, so I never had that many taxes to pay, but always had to pay the SS.

I assume this is your first year; next year you'll be able to do estimated taxes quarterly, which is a great help.