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Crystalynn Shelton 1 year, 1 month ago.
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Hi Chris,
First of all, congratulations on what sounds like a great opportunity! Intuit has a neat calculator that allows you to enter a salary to calculate your estimated self employment taxes. Based on the $150,000 salary, your total estimated self employment tax would be $22,950. ($4,350 is Medicare and $18,600 is Social Security). You would also be subject to income tax which is determined by the tax bracket that you fall into.
One of the benefits of being self employed is you may be eligible to write-off expenses that you incur as a result of doing your job, provided your company does not reimburse you. For example, if you work out of your home then you may be eligible for the home office tax deduction. In addition, if you purchase office supplies and equipment for work then you may be able to deduct these items. Below, I have provided a few resources for you to check out:
Intuit Self-Employed Calculator: https://quickbooks.intuit.com/r/free-self-employment-tax-calculator-quickbooks/
QuickBooks Self-Employed Software:
The Ultimate Guide to Commissioned Based jobs:
Commission-Based Jobs: Ultimate Guide to Working In One or Hiring Them For Your Business
Home Office Tax Deduction: What it is and how it works:
Good luck to you and thank you for reading!
Crystalynn Shelton
