I know that most of you are not qualified to give tax advice and I’m not seeking that exactly. I just wonder how much roughly %wise I should set aside to be taxed on. Im a licensed sales associate in Florida. 

Originally posted by @Greg Stetz :

I know that most of you are not qualified to give tax advice and I’m not seeking that exactly. I just wonder how much roughly %wise I should set aside to be taxed on. Im a licensed sales associate in Florida. 

Do you know about estimated tax payments? 

You just don’t set aside for the taxes, you have to actually make a payment each quarter. 

Estimated Tax Payments:

Lesser of

1. 100% of the tax shown on the taxpayer's return for the preceding year or
2. 90% of his tax for the current year.

If 2018 AGI was over $150,000 ($75,000 for marrieds filing separate returns) must pay the lesser of

1. 110% of the tax shown on the 2018 return
2. 90% of their 2019 tax liability

Four times a year, 25% of the “required annual payment” for the current year. Note: The 25% requirement is applied separately to each installment. Thus, a taxpayer may be penalized for the underpayment of estimated taxes for any installment for which his estimated tax payments plus taxes withheld from salary (and certain other payments) don't total at least 25% of the required annual payment.

Thanks @Ashish Acharya . I might be bringing in commission of $7600 for example. I also have a W2 income not related to real estate sales. I imagine my income would increase this my tax bill. I’ll just hire a CPA.

Originally posted by @Greg Stetz :

I know that most of you are not qualified to give tax advice and I’m not seeking that exactly. I just wonder how much roughly %wise I should set aside to be taxed on. Im a licensed sales associate in Florida. 

Depending on how much expenses you have, roughly 20-25% of your commissions should be set aside for taxes.

And, as @Ashish Acharya mentioned, you're supposed to turn this estimated tax money to the IRS 4 times a year.

Originally posted by @Greg Stetz :

Thanks @Ashish Acharya. I might be bringing in commission of $7600 for example. I also have a W2 income not related to real estate sales. I imagine my income would increase this my tax bill. I’ll just hire a CPA.

If you have W2, you can just have your employer increase your withholding rather than making an estimated payments.

Remember, if you make a payment of 100% of prior year tax liability via w-2 withholding, you don’t need to account for this year’s commission. As mentioned above, you pay lower of the 100% priory year tax or 90% this year’s tax.  

However, you will eventually pay taxes on the commission. To figure out how much you will owe, take your marginal tax rate, and multiple your commission. 

Google marginal tax rate, if not sure.