Hey, are you a slow preneur consultant, maybe an assign us well if you fit any of those categories and you have questions about your taxes, you want to stick around. Everybody, Komari Ellis here, also known as the Finance Rebel. If you're new to this channel, welcome. We talk about all things wealth, money, business side hustles, attacks, wealth, anything that pertains to money. And we even interview authors and some pretty famous we worked on the top. Alright, so today we wanna do something different today. I'm gonna call today Tax Tuesday, alright? I got a question today from a friend of mine. Actually, a friend of mine's son who just started a new job as a contractor, for an independent contractor. Now, I don't really think he technically meets the criteria for being an independent contractor. He's probably an employee. But when I talk about that one in this video, we'll talk about that in another video. Alright? So, he called me up and asked me and says, "Well, I'm getting into 99, I had to pay my own taxes, just like many of you sign us, those entrepreneurs, consultants. Many times, you work places or do work for places, you're a freelancer, and you get it too many. Now, what that means is nobody's taking any taxes out. You have to pay your own tax burden, okay?" So, one of the questions he asked was, "How much should I pay?" And so, I know as a young kid, it's not gonna do much much planning in terms of tax planning. Not wanna do to be too sophisticated looking, right now. Because he's just getting going. So, basically had to say, "Listen, you had to pay the IRS. You had to pay the state where you live...
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Irs levy on independent contractor income Form: What You Should Know
Your employer will withhold income tax that's due when you make self-employment income. Your employer may deduct income taxes you owe from your paychecks, withhold social security and Medicare and withhold unemployment taxes.
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