This is my first year as an IC as well, but from what I understand 15% of what your make is for social security and medicare. From there you have to take out the state tax as well as the federal tax. Once I make over the $600 limit I'm going to see an accountant. I think it will be worth it so I can set up to pay taxes quarterly. This way at the end of the year we can still get our tax return and I won't make DH mad, cuz I know he'll be upset if we have to pay and disappointed if we don't get a return. Right now I'm not touching the money I made, I'm going to first use if for business expenses like the accountant, a laptop and a computer desk. And tehn from there I'll see how much to take out in taxes and then decide if I'm turning a profit.... That;s my plan.....
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