What percent is set aside for federal?

likehelpful
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I save 33% for taxes.

likehelpful

If you’re in NYC, it’s best to tuck 40% away for taxes

likesmart

Bizarre. In that case, I’d look up your highest federal tax bracket and save that percentage. (Federal tax brackets are progressive so you’ll have some funds left over)

helpful

Your CPA should be sending you quarterly tax vouchers

If you make more than 100k a year on 1099 you should have a professional setting up an S-corp and a proper tax structure. You’ll pay closer to 20% Total

likehelpful

I have my own S-Corp. better for my taxes

Depends on your income bracket. Google “federal tax rates/brackets 2022”

helpful

Get an accountant please it’s the best advice anyone here can give you first year freelancing.

Doesn’t matter what are you grossing? They can help your write off a ton of your everyday expenses

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