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What will my taxes be as self employed?
The amount of the income taxes you will owe depends upon how much income you have, after valid business expenses, also it will depend upon your filing status as well as the ownership form of your business and what state you live in.  That said, you will need to be sure to make the Federal 1040ES quarterly prepayments of your tax on time or there will be penalties. You also must remember that you will be needing to file a schedule SE with your 1040.  That is for the social security taxes you owe, which is in addition to your income taxes. With an employer/employee situation, the FICA withhoding you have seen on your paycheck are matched by the same payment by your employer.  Now that you are self-employed you are responcible for your share and the employer share as well; in this situation it is known as self-employment tax.  the amount of it will be the same as your share of FICA and half of the employer's share of FICA taxes.  If you are married and your wife also is working self-employed, then she will have to files herown schedule SE along with yours.  meaning that you will pay based on your business income and she will pay baed on hers. your 1040Es quarterly prepayment must cover your income tax and your combined (yours and hers) Self Employment taxes.  Many people will debate on the final results of the results of schedule SE vrs an employee's and an employer's payments combined.  If one were to provides a ball park percentage that would likely apply to you final total addition to your tax libility as a result of needing schedule SE would tend to fluctuate depending upon your total tax situation; many would debate it.  It has been this way since, I first studied and use this schedule decades ago.  For this reason it is best for you to review these PDF documents, Form 1040 Schedule SE Instructions and Form 1040 Schedule SE. As for your state income taxes, it will depend on the laws of the state you are based in.