I keep my tax money in a high-yield savings account to earn more - Business Insider

. In order to receive that rate, you need to have either a $25,000 balance or make monthly deposits of at least $100 . In addition, CIT is FDIC-insured, which means I know that my money is guaranteed up to $250,000.As an entrepreneur, I am responsible for withholding my own taxes

Using a high-yield savings account works out great for me as an entrepreneur because, unlike W2 employees, I am responsible for paying my own taxes manually. Because of my income threshold, I pay forecasted taxes quarterly throughout the year. applies to all individuals who gross $400 or more from earnings outside a W2 employer. The 2020 self-employed tax rate is 15.3% on the first $137,700 worth of net income followed by an additional 2.9% on earnings greater than that.

To make sure I'm on track to pay my quarterly taxes, I simply put aside 30-40% of my pay into my tax-designated savings account. That way, I have enough money to pay my quarterly estimated taxes — and my money is earning interest throughout the year. Staying ahead of the game by automating a portion of my earnings to a high-yield savings account means I don't have to worry about quarterly or annual taxes sneaking up on me — why not make some interest off it at the same time?

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

CIT Bank's high-yield savings account is perfect for building momentum - Business InsiderCIT Bank's high-yield savings account, Savings Builder, rewards you with its top APY of 1.80% for auto-deposits of at least $100 a month.
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

My car insurance premium increased by 20%, but I'm keeping it - Business InsiderAbout a month before my insurance policy was set to renew, I got a notice from my insurer that my rate would be going up. So I did some research.
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

A YouTube creator switched her strategy and doubled the amount of money she made - Business InsiderShelby Church, who has 1.4 million subscribers, told us that she earned more on YouTube by extending her videos to over 10 minutes long. For the record, I really hate those youtube videos that feature the individuals more than the topics being covered. Just sayin. Sometimes changes are needed to better yourself! arperelli The more content is better but also takes more time to make.
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

Of 4 tax software programs, TurboTax gets me the biggest refund - Business InsiderWhile it isn't the cheapest around, using TurboTax last year got me a much higher refund than I would have had with other apps I tested.
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

Trump and Macron agree to ceasefire on contentious French digital tax - Business InsiderThe fight began in July when France approved a 3% tax on revenue generated by large digital companies operating within the country.
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »

A SoftBank partner described WeWork a 'very, very good' business - Business InsiderA SoftBank partner described WeWork a 'very, very good' business lol
Sumber: BusinessInsider - 🏆 729. / 51 Baca lebih lajut »