I am planning to work for a fireworks distributor for 2 weeks this summer. I am going to make 15% of all sales and estimate to make $9k. How much do I need to put aside so that I don’t get KILLED in taxes? I am married and file jointly and my regular W-2 from my full-time job will be about $60k that will come down to about $30k in taxable income.
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225% is a good rule of thumb. Nothing wrong with putting away 3K or so in a "high yield" savings account.– Pete B.Commented Apr 11, 2016 at 16:25
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Are you going to have expenses related to your sales work?– quidCommented Apr 11, 2016 at 16:26
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1How does "putting" some aside reduce your taxes owed?– DJohnMCommented Apr 11, 2016 at 18:23
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2@DJohnM I'm sure the OP means owing the IRS next year. OP would prefer to set aside the money owed for taxes and make sure not to spend it.– mkennedyCommented Apr 11, 2016 at 18:55
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@quid,@DJohnM,@mkennedy - won't have much expenses related to the 2 week job. And yes, I was talking about putting money aside for taxes and not spending it.– nymickeyCommented Apr 12, 2016 at 18:07
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1 Answer
You will most likely pay around 30%, between standard income tax and payroll taxes. That is a good place to start. If you live in a state/city with income taxes, add that to the mix.
