how much money should you save for taxes from every pay check if your self employed?

i just started my own business and i want to know how much money should i save for taxes to pay at the end of the year?

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1. It all depends on you wages, your personal situation, and your province. Go to this link to try the calculation for various wage rates: http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/pdoc-eng.html The only difference is that you need to allow for no EI (you're not eligible), but you have to pay CPP at double the normal rate (an employee has half the amount paid by their company,
2. The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance). You will figure SE tax using a Schedule SE with a 1040. You can deduct half of your SE tax in figuring your adjusted gross income. this will only affect your income tax. If you are reporting your income on a Schedule C, make sure to deduct your expenses to ease your tax burden. Mostly you will incur SE tax when you receive 1099s from employers or people you do business with. Sybil Benard My 1040 Lady This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
3. Sorry that TechGirl has no idea there are other countries in the world besides the US. It really all depends on how much you will be making in the end and your province. Income taxes start at about 21% (federal + provincial) before non-refundable tax credits and go up from there. You will have to make CPP contributions of 9.9% on your SE earnings, by completing Schedule 8 of the T1 return, but you deduct half of this from taxable income on line 222.
4. For canadian self-employment, you should generally hold back about 35% of your income (after expenses). This should cover you as long as your profits stay under the $60,000 range.