Renting chair, tax help

[Cosmohelp]

Hi all -

First time poster here, hopefully in the right place.

I’m leaving my employer of 11 years to rent a chair, and a bit nervous.

I’m trying to learn as much as I can, but The one question I can’t find an answer to is regarding taxes.

I understand there is a self employment tax (around 15% of my income). But do I also pay income tax on top of that (I assume so...). Not to mention city tax...

Does anyone here rent their space, and ideally have a rough amount of what they paid in taxes in comparison to their income? I’m thinking it’s around 25% but having a hard time finding the answer.

This is my main concern right now, but by all means if you rent a space and want to chime in with other tips you wish you knew beforehand, I’m all ears!!!

 

[AcidPerm]

This site is predominantly U.K./Europe based so we can offer general advice about renting a chair but I recommend contacting a local business adviser/organisation who can give more specific US based financial/tax advice. My limited understanding is that tax laws vary from State to State.

Hopefully, a US based geek will be along to offer you support.

https://www.salongeek.com/threads/hmrc-guidelines-for-determining-self-employment.295298/
This thread is for UK geeks looking to rent a chair in a salon. Obviously, the laws are very different in the States but you might find some general points about managing your client records etc. helpful when negotiating a contract to rent from a salon owner.