How much should you put aside for taxes?

[RoseCavilla]

This is my first post, so I apologize if I'm doing this wrong but I did search and found nothing relavent to my question.


I live and work in NY. I know that taxes vary from state to state, but someone told me I should only expect to take home half of my income after taxes. WTF?

The government already takes about a third of your income. Then they tack on a "self-employment" tax which (I've heard different percentages) is about 12%. Is that 12% taken from your overall income, or after that third is taken out? Such as, if you make 100,000 USD you pay 33,000 plus another 12,000 for a grand total of 45,000? That just seems ridiculous.

I'm just trying to figure out how much I should set aside for taxes. 50 percent just seems like the government is punishing us for being self-employed entrepanauers supporting and supporting the ideals this whole country was founded upon. That can't be right...

Also, there was a thread about taxes for 2011 and about how some deductions were taken away. Was that ever challenged? And should I be asking that here or just revive the old thread?

 

[KayleePond]

Hello and welcome!

There is a great thread in the Models Only section all about taxes! "Taxes As a Camgirl"

There is a search feature at the top right of the page that will help you find it! I'm sure that the info you're looking for is in there and if it isn't, that would definitely be the place to ask more questions!

:-D

 

[ElaySmith]

Here is the link for the tax thread, read it thoroughly, there is tons of great info there. http://www.ambercutie.com/forums/viewtopic.php?f=35&t=5365&hilit=taxes

A quick answer to your question though, somewhere around 30% is a good amount to save for taxes and if you don't already know about write-offs and deductions be sure to read up on that, they are a life saver at tax time and will help keep what you pay as minimal as possible.

 

[RoseCavilla]

Thanks guys! I read through it but the last post was a year and a half ago... I'm wondering if the stuff about deductions is current.

Is there someway I can delete this thread so there's not multiple tax aces? Or would amber have to do that?

 

[KayleePond]

Thanks guys! I read through it but the last post was a year and a half ago... I'm wondering if the stuff about deductions is current.

Is there someway I can delete this thread so there's not multiple tax aces? Or would amber have to do that?

The last post is from 3 days ago, but you already seemed to have figured that out since you posted in there. Good luck!

 

[RoseCavilla]

Yeah, I'm such a noob I looked at the date the poster joined and thought it was the date of the post fml