Fema Employment

Is there a simple way to figure out self-employed income taxes?

I need to find a SIMPLE way to figure out taxes if I am self-employeed. For federal, state & SSI. Is it too much to ask to find a place that just gives you the formula's and definations for all three? I know my local tax is a flat rate % so I'm not concerned about that. I got more confussed than ever when I "googled" self employment. Thanks for whatever help you can give. All I want to do is babysit for a friend & do some freelance writing so I need to a program for my taxes.

Public Comments

1. Social security taxes are just a little over 15%. You would have to provide more information for federal and state taxes. There are tax tables available for both federal and state.
2. I have heard a self-made millionaire recommend setting aside 25% of income for taxes. This is a rule of thumb, but if it works for a self-employer millionaire, it should be enough for you.
3. Federal self employment taxes are calculated as follows: Net Income from Self Employment X .9235 X .153 = Self Employment Tax The computation gets more complicated if your net profit plus wages exceeds around $90,000 or so (not sure of exact amount). If your income is nowhere near $90,000, then the above formula will work for you.