How much money to put aside for taxes on earnings from side work?
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 k. 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 k that will come down to about k in taxable income.
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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.
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