Set Aside for Tax

By EVREN YUCEBAS on AppTrack Ninja.

For freelancers and 1099 work

Freelance money arrives without anything taken out of it. Set Aside for Tax tells you how much of each payment is not really yours, before you spend it. The number at the top is your set-aside rate: self-employment tax, federal income tax and your state's rate combined into one percentage, worked out from the profit you expect this year. On sixty thousand dollars of profit as a single filer in a five percent state, it is 26.6 percent. Beside it sits a jar that fills as payments come in, showing how much of this year's estimated tax is already covered by what you have been paid, with the runni…

Categories: Finance, Business

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