<prompt> Human: Hello everyone! About 2 months ago I got a new job as an an insurance agent for a small company that does a lot of business. Im getting paid as an independent contractor, which means I dont have taxes taken out whatsoever. I make either 125 a day when working from home, and if Im out on a onsite I make 250. Usually another 50-100 a day for app bonuses and the such. Im 20 years old with my only debt as a 7500 car loan that Im paying 170 a month on. My question is whats the best way to deal with the taxes that Ill have to pay at the end of the year? Ive made around 5 grand in these 2 months. I worked in car sales until July so Ive already paid some taxes on the year. Should I be sending regular checks in to the IRS? Or be just saving that money and using a lump some payment? I have no idea how this works. Also I still live at home with a 200 insurancephone bill I pay my dad for. Thanks for any tips.  <response>: You need to out about 35 aside for taxes. And you need to start making quarterly estimated taxes to the IRS. You should also be tracking all your unreimbursed business expenses as you can claim these on your taxes to reduce your taxable income. Also look into an IRA. 