warning for all non US Turbosquid sellers !!! Turbosquid will stole from you !

[VelvetElvis]

Independent contractors generally want to save in the range of 20-30% of their income as taxes. My actual tax bracket is 28% of my income, but I file jointly with my wife.

[glorybound]

Personally, I file married jointly and we are in the 28% tax bracket. However, having said that, I pay estimated quarterly taxes ($3800). Also, you get deductibles, so you are not necessarily taxed on all your income. If I make $100,000.00 and spend $60,000 I am taxed on the 40,000.00 We also get depreciation. Let's say I purchased a computer last year and deducted it on last years taxes. Well, I get to deduct the depreciated value of that computer this year and years to come. I work out of my house, so I can deduct part of my mortgage, utilities... It really is a mad science. If you make less money you get child earned credit which, unfortunately, I no longer quality for. Basically, the more kids you have and the less money you make, the more the government gifts you. It is maddening to see people keep having kids, kids that they can't afford, just to see them get a huge tax refund every year. Free health insurance, free food... Don't get me started on this

[eligiusz]

28 % is quite high in my opinion. Free stuff is very expensive unfortunately, so thats probably why You have to pay 1/2 of Your money. Actually I wasnt aware that US has become so fiscally opressive. I thought it was the land of the free or something.

[dlparisi]

Personally, I file married jointly and we are in the 28% tax bracket. However, having said that, I pay estimated quarterly taxes ($3800). Also, you get deductibles, so you are not necessarily taxed on all your income. If I make $100,000.00 and spend $60,000 I am taxed on the 40,000.00 We also get depreciation. Let's say I purchased a computer last year and deducted it on last years taxes. Well, I get to deduct the depreciated value of that computer this year and years to come. I work out of my house, so I can deduct part of my mortgage, utilities... It really is a mad science. If you make less money you get child earned credit which, unfortunately, I no longer quality for. Basically, the more kids you have and the less money you make, the more the government gifts you. It is maddening to see people keep having kids, kids that they can't afford, just to see them get a huge tax refund every year. Free health insurance, free food... Don't get me started on this

A couple things Bobby... if you are in the 28% bracket you are only taxed at 28% on the income over a certain amount (I forget the bracket amounts) anything less than that is taxed at the next lower bracket and so on. So its' not as simple as $40,000 x 28%. Lastly, you may want to be careful about claiming part of your mortgage as a business expense, when you go to sell your house you may get nailed on taxes as you home is no longer fully excluded from capital gains taxes since a part of it is your business. In other words, consult your accountant!

[glorybound]

Yes, it is all a mad science. I use a CPA, so he works through all the mess.

A couple things Bobby... if you are in the 28% bracket you are only taxed at 28% on the income over a certain amount (I forget the bracket amounts) anything less than that is taxed at the next lower bracket and so on. So its' not as simple as $40,000 x 28%. Lastly, you may want to be careful about claiming part of your mortgage as a business expense, when you go to sell your house you may get nailed on taxes as you home is no longer fully excluded from capital gains taxes since a part of it is your business. In other words, consult your accountant!

[gandhics]

I think you can file tax return.
Apply tax ID and get income tax return.