What Software Is Best For Figuring Out How Much Taxes To Pay When You Are Considerd An Independant Contractor?

My wife is a Hair stylist in Iowa. We are looking for the best software to track her income, taxes, and deductions.

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One Response to “What Software Is Best For Figuring Out How Much Taxes To Pay When You Are Considerd An Independant Contractor?”

1. Cat says:

   October 3, 2009 at 1:40 am

   Kiplinger’s TaxCut, and TurboTax are the two more popular, reliable, tax software packages out there.
   She should be setting aside roughly 30 to 50% of what she earns, to cover taxes. (variables would be if you are in a taxing state and city, and what your total household income is – which federal income tax bracket you are in)
   15% of her profit goes to self-employment taxes. Then there’s federal income tax, and then state and city if they apply.