Do you save enough for self employment taxes?

[Grant]

Do you think you have enough saved on your self employment taxes? I try to save around 30% of what I make with my work so that I have enough money for when I have to eventually pay in. Since in the US, self employed work is taxable income, you will have to pay that when you file your taxes. But I have saved up from each paycheck I get, so I should be good.

 

[Laurentta]

Nope, i don't save for self employed taxes. Since i'm still a student, and i'm working online, self employed work isn't taxable income in my country.

 

[Shaffy]

This has to be on countries that take their taxes seriously. In my country of residence, some businesses never pay tax throughout their lifetimes. I know I don't even pay tax on my income in a private organization.

 

[frederick_9]

No because I work very hard to get money and where I am from money making is one problem it seems we can’t find the solution to it . So I don’t save for self employment taxes

 

[Skysaint]

I think it's something that's normal for those who are earning money offline and it's everywhere not just where you reside. Well, I do earn money online and so far I don't pay taxes.

 

[Kvngsammy]

I think taxes should be deducted from your salary automatically - that's the practice I've come to be familiar with over time. Me manually trying to save for taxes will make miss a lot

 

[Shigobad20201]

Here in my country , the money being paid for tax by small business is just small amount of money which is very affordable , so i normally pay my tax early every year .

 

[Syldan]

Actually I have tried to save for my life self employment simply because I never intended to continue earning or working under someone forever so savings is the best way to help me achieve my goals.

 

[Joe2]

The amount you should set aside for taxes as a self-employed individual will be 15.3% plus the amount designated by your tax bracket.

 

[ganibade]

Do you think you have enough saved on your self employment taxes? I try to save around 30% of what I make with my work so that I have enough money for when I have to eventually pay in. Since in the US, self employed work is taxable income, you will have to pay that when you file your taxes. But I have saved up from each paycheck I get, so I should be good.

We don't need to save for self-employed taxes in the future.
Taxes can be paid when you start you own business and registered by the government of that country.

 

[nana kwasi1]

don’t have enough and I also try so hard to work so I don’t have enough to save for taxes as well

 

[glitch]

My wife does. She budgets it. She knows her taxation percentage down to the dollar and just keeps it in a separate account that doesn't get touched.

 

[Bookwormlux1]

I try my best to save enough money that I am earning.

This is to avoid a situation whereby I will be losing my focus.

I need to save for uncertainties that could present.

 

[Shigobad20201]

The money we get to pay for tax down here is not much ,though it depends on the largeness of your business , I normally try keeping and saving the money meant for my tax with my reserve fund.

 

[Setho]

There is a particular scheme in my local government that people are only going to be minimal taxes whenever they are self-employed and they are not tracking up up to 10,000 dollars of trading volume in a month.

 

[Good-Person]

The money we get to pay for tax down here is not much ,though it depends on the largeness of your business , I normally try keeping and saving the money meant for my tax with my reserve fund.

I pay taxes in the form of general sales tax. The government in here does not have a system of charging taxes from labours and this is why they have implemented this system to make things in order.

 

[Shigobad20201]

The amount you should set aside for taxes as a self-employed individual will be 15.3% plus the amount designated by your tax bracket.

The tax being paid depends on the work you are doing , If you are working for the government , then your tax will be deducted automatically from your salary and if you are working alone , you will pay once a year

 

[Skysaint]

The money we get to pay for tax down here is not much ,though it depends on the largeness of your business , I normally try keeping and saving the money meant for my tax with my reserve fund.

That is very correct. Every business in my country are actually paying tax and it would depend in how large the business is and how widely accepted it is. But still, it's very important to keep that in mind as an entrepreneur.

 

[Kane]

I am self-employed, and the businesses I own are very small as they exist only online and do not have a physical space. Therefore, I do not have to bother with paying huge taxes. I pay a small tax and can easily manage that.

 

[Heatman]

I think taxes should be deducted from your salary automatically - that's the practice I've come to be familiar with over time. Me manually trying to save for taxes will make miss a lot

This is actually how it's done in my workplace. Before I get my salary for the month, all my taxes for the month have already been deducted. I'm actually very good with it because I won't have to forget about paying.