Self Employed, Small Business, 1099 Taxes - How Much Do I Save for Self Employed Income Taxes?

How much should you save for self employed income taxes? It is important to know how much to set aside for self employment tax if you are self employed, a sole proprietor, a small business, or a 1099 independent contractor for your self employed income taxes. it is also important to know if you will have to pay estimated quarterly income taxes. Please note, Ginny Silver is not a CPA and recommends taking all questions to a CPA.
0:00 Intro
0:32 Who must pay income taxes on self employment
0:43 2 Types of income taxes
1:20 What is self employment tax
1:32 How to calculate the hard way
2:25 The EASY WAY to plan
3:30 Plan for estimated quarterly income taxes

What to do if you can't pay your taxes:    • What To Do If You Can't Pay Your Taxes - I...  


Sources:
https://www.irs.gov/businesses/small-...
https://www.irs.gov/businesses/small-...

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Ginny Silver and Retrospect Images, LLC provides content to Youtube for entertainment purposes only. It is the responsibility of the viewer to verify all information as information may be inaccurrate or outdated. Ginny Silver is not a CPA, attorney, insurance agent, lender, EDD or other government employee, or financial advisor and content in this video shall not be construed as legal, financial, tax, govermnent, or other advice. You are urged to contact a certified professional to help your individual needs. The content in these videos shall not be construed as tax, legal, insurance, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself.