No. The 15.3% is ONLY the FICA taxes. This is your social security and medicare taxes. If you work for someone, your employer pays half, while you pay the other half. When self-employed, you pay the entire amount.
Then you have to pay your ordinary income taxes or federal taxes. This is based on your tax bracket.
You only need to make the payments quarterly, not each time you get paid. They are generally due on the 15th day of the month following each quarter (April, June, September and January)
A Guide to Paying Quarterly Taxes
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