Good Morning -
Just have a quick question about paying taxes when you are 1099 employee.

I currently have a fulltime W4 job, however I have recently also taken a part time job on the side that pays me about $500 a week through a 1099 form. I'm trying to determine how much I should set a side every week to pay for taxes. From reading online im getting the idea that I should be saving about 25% + 15% self employment tax every week (total 40%?). So basically I should save about $200 a week out of $500 in order to pay taxes. Does that sound right? I've never had any jobs in which I was a 1099 employee.


Jeremy
From Texas