Small Business Taxes

Resources and information about small business and self employment taxes.

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Old 06-13-2011
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LucentVA LucentVA is offline
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Default Income taxes
First, let me preface my post by stating that I understand that nobody can be held accountable for advice given about taxes. I am just looking for suggestions on how to help me figure out my ideal gross income so I know more precisely how to charge for my services.

I created a spreadsheet that was based upon the fields that I found in the freelance calculator here: http://freelanceswitch.com/rates/ That was very useful, however, it really only tells you what you should be making NET. If I just charged the rate I come up with using the calculator, I would be in trouble when I went to pay my income taxes.

I've tried finding information on the irs.gov web site and I found this:http://www.irs.gov/pub/irs-pdf/p15.pdf which might be helpful but for some reason I feel "stuck". I don't know if I should count my husband's income and try to work backwards (since we file jointly), but then his employer deducts and pays his income taxes. I know that there is no way to really know how much I'll be making, and for starters I will be working part-time at my VA business. But what I'm trying to do is get an idea of what things will look like when I've reached my first big goal of working FT as a VA.

Does anyone have any suggestions on the best formula or link to a chart or whatever, to help me get an estimate of what my GROSS income should look like? Maybe it's this migraine I have right now, but I'm just feeling kind of lost.
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