12.4% for social security 2.9% for Medicare Texas has no income taxes Plus whatever your Federal tax bracket is http://www.taxact.com/tools/tax-bracket-calculator...

It's all going to depend on your overall tax situation. This type of income isn't tax differently; it is just part of your overall income for the year. I'd look at your top effective tax rate for last year, and save that much (plus 5-10%, just in case you're wrong.) And ditto on the estimated quarterly taxes.

For federal taxes, the IRS will expect that you performed a computation of estimated taxes due and paid a percentage of the amount due (that was not withheld) in quarterly payments. Don't know about your state, but my state wants quarterly estimated payments too.

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Updated over 10 years ago on 07/07/2014. Most recent reply presented by

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Justin TurnerPoster

Investor
Texarkana, TX

Tax, SDIRAs & Cost Segregation

Taxes on 1099?

Justin TurnerPoster

Investor
Texarkana, TX

Posted July 07, 2014 03:26

I just got my first check for $12,125 from a birddog fee on land/timber. Now how much to put away for taxes? I live in texas. Thanks everyone in advance.

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