If you’ve never worked as a freelance contractor before, you will need to make some adjustments for taxes.
As a freelance contractor, the business(s) or individual(s) that you work for (in this case, Jyve) do not withhold taxes from the money they pay you. However, you do still need to pay taxes on that money. This means that you should be setting aside a portion of each paycheck to pay your taxes at the end of the year. If you don’t, you may find you owe a hefty sum of money.
How much you pay in federal and state income tax will vary based on your income and what state you live in, but there are lots of resources online for figuring out what that percentage should be. For example, here is one of many useful calculators for determining federal income tax: http://www.moneychimp.com/features/tax_brackets.htm
Note: If your earnings as an independent contractor for Jyve exceed $600 for a given year, you will receive a 1099 tax document from Jyve (usually in late January of the following year) which documents your earnings. 1099 information is also reported to the IRS and state tax authorities according to law. If you earn less than $600 with Jyve, you will not receive a 1099 from us, but you are still responsible for reporting income.
As always, please contact your tax advisor for professional advice regarding your taxes.