Hello, I am very new to this. I understand that there is a certain of taxes taken for like medicare, state, social security, and whatever else. Would it be helpful to set aside some of the money that is made from each assignment instead of spending it all at once? So, when taxes are due it would be a little easier knowing that you have sat some money aside.
Hello Tanw and welcome. You will owe self employment tax of 15% on all profits from your business. If your income after expenses is high enough, you may also owe some income tax. Most of us who mystery shop do not owe a large amount of taxes after taking out all legal deductions including the IRS mileage rate which is over fifty cents per mile driven.
Setting aside a portion of your earnings on a regular basis for taxes and emergencies is a solid plan. Most of us can get by on less than we spend. The more you save, the less you stress.
Mary Davis Nowell. Based close to Fort Worth. Shopping Interstate 20 east and west, Interstate 35 north and south.