If you make money or operate a business in the U.S., you have to pay taxes. Federal taxes are due every year on April 15. If you're an employee of a company, taxes will be automatically deducted from your paycheck, however, if you're an independent contractor or self-employed, you will need to pay your taxes on your own. Some people pay taxes every quarter, however, one way to ensure you set aside the correct amount is by calculating taxes every week.
Determine your total weekly earnings. Assume you make $1,000 per week.
Calculate the Social Security tax and Medicare tax. The total of these two taxes is 15.3 percent. Multiply your weekly income by 15.3 percent. For this example, the answer is $153 ($1,000 multiplied by .1530). There are other tax rates to consider if your income is higher (see Resources).
Calculate your federal income tax. Based on your income from last year, estimate your federal income tax bracket to determine the percentage of taxes you owe. You will need to know your tax bracket, which is set according to your income (see Resources). Assume for this example that your income is based on last year's adjusted gross income of $50,000, so your tax rate is 25 percent. With 52 weeks in a year, the weekly federal tax expense is .25 multiplied by $50,000 divided by 52. The answer is $240 per week.
Calculate weekly taxes. Add your Medicare and Social Security taxes to federal taxes for total weekly taxes. The calculation is $152 plus $240 equals $392.