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If I pay 15.3% for fica and medfica as an independent contractor, then how much federal tax in estimated tax?
I am trying to calculate my quarterly(estimated) taxes. I can not depend on my 2008 tax return being that I wasn't an independent contractor at that time.
Public Comments
- For most people, 30% of your net profit should be about right. If you pay an amount equal to what you owed the previous year you will be exempt from penalty for underestimating.
