Do you Pay Taxes?

[bryant]

[quote=RailMom;81314]A tax consultant will tell you that as a 1099 tax form, you should put away 15% of overall EARNED monies. That's not including the cost of whatever fees you need inorder to run, operate, function the business. That way, you're at least "covered" on your tax fees.
quote]

I believe this only applies to social Security taxes, usually total 9 -10% self-employment, State tax about 10%, then federal between 15 and 25% there abouts.

When I get a bonus from my regular job, an automatic 30% total is taken out to help account for the three taxes above. I believe a KJ's total is about the same. Then when you file you will most likely get some back as deductions reduced your overall net salary.