Home Improvement Contractor - Licensed Contractors

I am an independent contractor, how much should i set aside for taxes?

I recently got a job as an independent contractor in ohio and file single with no dependents, how much should i keep out for taxes and what can i use as deductions etc... Any comments will be a help. i am paid by personal check and am responsible for withholding all my own taxes he does not match anything he owns the company pays me for working there so is that self employed or ind. contractor

Public Comments

1. You can use publication 15 irs witholding tax tables to figure it out. It depends on how much you make. I think a good guestimate would be about 30%. Anything at all that you pay for out of pocket for any part of your job. Meals, mileage in your vehicle, fuel, office supplies ( pen, paper, computer, cell phone) I could go on and on. Just about anything you spend money on for your job. I would also check into self employment social security taxes.
2. You should not be self employed if you have no idea what you can claim, or what you are going to pay, rest assured on anything over 600.00 you pay social security. This is what would come out of your check and also what your employer would match. about 14.50% of your gross. Then there is actual income and deductions etc. You are probably self employed for your employers benifit, trust me, you will get nailed for SSI. no matter what, it is based on gross not after tax deductions.