How do you calculate taxes for an inhome daycare?
So I am running an inhome daycare and I need to figure in taxes or take out taxes. What is a safe amount to take out? I make about 200.00 per week, I am at the moment taking out 80.00 aside from that? Should I take out more? Or Less?
Public Comments
- Well, if you make that every week, then you would make a total of $10,400 a year. The self-employment tax is 15.3%, so that would be $30.60.
http://www.irs.gov/businesses/small/article/0,,id=98846,00.html
