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October 27, 2021
Question

Side Job income

  • October 27, 2021
  • 1 reply
  • 0 views

I made more than I anticipated this summer with a sub-contracted side job.  I am thinking the company will send a 1099.  If I mane 16,000.00  How much tax will I owe.   Also there was not a lot of write off to this job.  

    1 reply

    October 27, 2021

    Based on the information you provided ($16,000 self employed income with no deductions), here is an estimate of self employment taxes that you will pay for the year 2021.

    Tax Amount :$2448

    Social Security Portion :$1984

    Medicare Portion :$464

    Self-Employment Tax Rate :15.30%

    You can claim a federal deduction for half the SE tax you pay, which can help lower your taxes.

    For more information click here What is the Self Employment Tax?