As a 1099 independent contractor. What percentage of my income do I need to set aside for taxes?

ANSWER

The BIDaWIZ Team's Answer:

The taxation, of your self-employment income, is comprised

of two components. The first component, is your payroll tax liability;

which equals 15.3% of your net self-employment income. The second

component, is your income tax liability; which equals, at least, 15%

of your net taxable income; plus, any state income tax liability. Thus,

at a minium, you need to set aside 25% of your net self-employment

income, to be allocated to pay your federal & state tax liability.