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Old 08-15-2019, 11:24 AM
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Default How Much to Withhold for Husband and Wife Team

Hi!
My husband and I will be doing our in-home daycare together and I want to make sure we withhold enough throughout the year. We already have prior tax bills we are paying and I do not want more.

We are estimating our business to make around 100k before business expenses. Would setting aside 40% each month be enough??
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Old 08-19-2019, 10:37 AM
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Anyone have advice?
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Old 08-19-2019, 03:17 PM
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Default tax withholding

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Originally Posted by jenboo View Post
Hi!
My husband and I will be doing our in-home daycare together and I want to make sure we withhold enough throughout the year. We already have prior tax bills we are paying and I do not want more.

We are estimating our business to make around 100k before business expenses. Would setting aside 40% each month be enough??
40% is too much. Not knowing how much your business expenses will be, I estimate that you will owe about 20% federal tax on the 100k of gross income. You will also owe state income tax, and I don't know what that would be for your state.
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Old 08-19-2019, 05:40 PM
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40% is too much. Not knowing how much your business expenses will be, I estimate that you will owe about 20% federal tax on the 100k of gross income. You will also owe state income tax, and I don't know what that would be for your state.
20% total for the both of us combined?
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Old 08-19-2019, 05:58 PM
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Im also in idaho
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Old 08-20-2019, 10:44 AM
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Default estimated taxes

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20% total for the both of us combined?
Yes, your combined gross income.
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Old 08-20-2019, 03:51 PM
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Yes, your combined gross income.
Thanks!!
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