1099 Contract - How much do you save for taxes?

thedudeabidesthedudeabides Member Posts: 89 ■■■□□□□□□□
My online research has seemed to suggest at least 17% should be put away for taxes. For those with experience as full-time 1099 contractors, does that number seem reasonable? I've also read that many expenses can be written off, thus lowering one's tax liability. To what degree can that help? Thanks.
2019 Goals: CCNP R&S


  • shochanshochan Member Posts: 922 ■■■■■■□□□□
    It really depends on how much you make & which tax bracket your in.  I would suggest putting back 1 whole paycheck to cover taxes, maybe 2 checks.

    2020 Goal ~ Linux+
  • SteveLavoieSteveLavoie Member Posts: 788 ■■■■■■■□□□
    edited January 2019
    In Canada, they say that we work until June for taxes.. then July to December for ourselves :)
  • scaredoftestsscaredoftests Security +, ITIL Foundation, MPT, EPO, ACAS, HTL behind youMod Posts: 2,752 Mod
    For my husband, he stops paying taxes in August and the rest is 'ours', but it is really for our bills...
    Never let your fear decide your fate....
  • EANxEANx Member Posts: 1,078 ■■■■■■■■□□
    1099 contractors are responsible for bot the employee portion as well as the employer portion of any required taxes. The ones that come to mind are 6.2% for social security (12.4% total) and 1.45% for medicare (2.9% total). SS has a max income cutoff, after which you don't have to pay anymore. The max for 2018 was $128,400 but it changes from year to year. There is no max for medicare insurance tax.
Sign In or Register to comment.