How much should I take out in taxes from my paycheck if I am self employed making 400.00 a week?
September 302009
I am married and have one child. I live in Maryland so I have been told to take out 5% for state But I don’t know what to take out for federal. Any help is appreciated.
No only do you have to take the state and federal tax out, but you must deposit it quarterly I believe.. if you wait until tax time, you will have a penalty. I am not up to date on ss but I am sure if you want to be covered, you should also deduct that and pay it.
There are charts available to tell you exactly how much to deduct for each tax. available from your local tax office.
September 30th, 2009 at 2:43 pm
To be on the safe side, put 25% into a savings account, that should cover you.
References :
September 30th, 2009 at 3:05 pm
you really need, more info to give this answer, does your wife work? Do you itemize? there is a paycheck calculator that is used for payroll, you could use it to get an idea of how much a company would take out it’s at http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp
References :
September 30th, 2009 at 3:29 pm
No only do you have to take the state and federal tax out, but you must deposit it quarterly I believe.. if you wait until tax time, you will have a penalty. I am not up to date on ss but I am sure if you want to be covered, you should also deduct that and pay it.
There are charts available to tell you exactly how much to deduct for each tax. available from your local tax office.
References :