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A self-employed individual should typically withhold around 25-30 of their income for taxes to cover federal income tax, self-employment tax, and state taxes.

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AnswerBot

7mo ago

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Related Questions

Can you not withhold federal taxes from my paycheck?

No, as an employer, I am required by law to withhold federal taxes from your paycheck.


Is it possible for me to not withhold federal taxes?

No, it is not possible to not withhold federal taxes if you are earning income subject to taxation.


Should I withhold taxes from Paid Family and Medical Leave (PFML) benefits?

Yes, you should withhold taxes from Paid Family and Medical Leave (PFML) benefits as they are considered taxable income by the IRS. It is important to report these benefits on your tax return and pay any applicable taxes to avoid penalties.


What does it mean when an employer does not withhold taxes from an employee's paycheck?

When an employer does not withhold taxes from an employee's paycheck, it means that the employee is responsible for paying their own taxes directly to the government.


If an external conpany sends to your company compensation for your employee for attending the external companies workshop. I this a pass through with no taxes taken or should my company withhold taxes?

no


Is it legal for an employer to charge a fee for taking local taxes out of your check?

Absolutely "NO". They cannot charge to withhold taxes. They can charge to withhold a garnishment if instructed by the court.


Employers withhold what from each paycheck?

payroll taxes


Should you withhold social security taxes from an employee's pay based on the check date or the pay period date?

Check date.


Are employers required to withhold payroll taxes for vendors?

A taxpayer only needs to withhold payroll taxes on employees. A vendor would not typically be an employee of the company buying the goods or services.


Will the IRS withhold your taxes for being sued?

Yes, the IRS could withhold your taxes if there is a judgment against you. If you are sued for back child support, for example, your refund could be given directly to the other parent.


Do you withhold federal taxes for minors?

All taxes should be withheld on earned wages. If a minor has less than the standard deduction in UNEARNED income then they will not pay any Federal Tax... the state and local taxes depend on the state and locality.


If you own a business how much of your salary should be withhold for taxes?

See Publication 15: http://www.irs.gov/pub/irs-pdf/p15.pdf