Predicting tax rate for cash job schedule C
Hi all, I’ve tried googling this but cannot find a direct answer. I have a cash side gig that I plan to file schedule c taxes for. I am setting aside 30% of my pay for taxes but I don’t know if that is too low or too high. I estimate I’ll make ~$5,000 total this year. I have a regular 9-5 job that I file as a regular W2 jointly. Does 30% seem like a good percentage to withhold?
I plan to file my quarterly taxes from Q2 soon so I know I’ll have a more exact answer, but want to plan things out. Thank you!
Edit to add: combined with my husband our W2 income is just shy of $300k. I’m in Illinois and I don’t have any expenses related to the job!