<prompt> Human: I recently was given the offer to work for 65 an hour as a 1099 independent contractor for a position that would be 40 hours a week any week that doesnt have holidaysvacationsick leave. Up until now, Ive only ever worked through a contracting company. What do I need to know? I know that theres addition SS and MC taxes and I dont think anything gets withheld now. I suppose I need to know how much to set aside every pay check, how to file my taxes, things to deduct and how to deduct them, pitfalls, and an equivalent salary to what Im making.Thanks in advance!EDIT: Thanks everyone who replied! I was somewhat hesitant towards this. They offered 90k salaried with a 10k sign on, so Ive agreed to take that instead.  <response>: Welcome to the wonderful world of self employment. Here are some useful references for self employed persons:2015 Publication 334 Tax Guide for Small Business gives a good general overview.2015 Publication 583 Starting a Business and Keeping Records Keep. Good. Records.2014 Publication 535 Business Expenses make Ordinary and Necessary your watchwords. Business expenses reduce your profit.2015 Publication 463 Travel, Entertainment, Gift, and Car Expenses a closer look at commonly claimed business expenses.2016 Publication 505 Tax Withholding and Estimated Tax is the primary written reference for when and how to make Estimated Tax payments as a self employed person, as well as the Underpayment of Estimated Tax penalty. Withholding from any wages you may have is treated as tax paid throughout the year.Your tax return wont be easy, so no more 1040-EZ for you.2015 Form 1040 Schedule C is where you report your income and business expenses.2015 Form 1040 Schedule SE is where you compute your Self Employment tax liability. The very basic math is 15.3 of your net earnings. Self employment tax is in addition to your income tax liability for the year.Assuming your net earnings income less ordinary and necessary business expenses for 2016 are 96,200, the self employment tax liability is 13,593.00. 2016 Form 1040-ES is the form you use to compute your quarterly estimated tax liability, and you would include the appropriate voucher with a check, if you choose to mail any estimated tax payments. There are plenty of electronic payment options available. For most Taxpayers, the first quarter ES payment is due on 4182016.I just want to say good luck. Were all counting on you. 