No. As an independent contractor, your income is subject to Self-Employment Taxes of 15.3% in addition to your ordinary income taxes. These are Medicare and Social Security taxes. If you are employed, your employer pays half and you pay half. When you are self-employed, you pay the entire amount. If you had business expenses such as renting a room in the massage place, you can deduct those expenses which will lower your SE taxes.
If you did not pay SE Taxes in 2023, and if you plan to do this again in 2024, it may be a good idea to make quarterly estimated payments to cover your SE taxes of 15.3% and avoid penalties.
Taking Business Expense Deductions
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