Utah State
Is saving 30% of my self employed income good to cover Federal and Utah State tax?
I have been trying to research this on my own but feel I am not finding my answer and I don’t have money to spend on a CPA or any other tax person to ask. I must know before I quit my job and start working for myself. Any help would be great!
It depends on how much you make since it is on a sliding scale. Utah starts at 5%, Fica is 15.3% and Federal taxes at least 15% so 36% would be closer. You will make quarterly estimated tax payments. Of course at the rate that Congress is spending, by 2010 it will possibly be closer to 50%.
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