Illinois tax rate, if it helps. Looking to the actual (or close to) percentage so I can just put that away into a CD and earn a little interest on it before I turn it over to Uncle Sam next year.
United States - 2 Answers
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1 :
you better make quarterly estimated payments or risk getting nailed with an underwithholding penalty - put aside about 30% - maybe more if you will be having other income during the year
2 :
If that's your only income for the year, around 31% should do it for federal and state income tax, and for self employment tax. But if you just save it and pay at the end, you'll be subject to penalties for underwithholding. You are required to make quarterly estimated payments
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