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!!!
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!!!