You will be liable for self-employment tax as well as Federal income tax. Make sure that you allow for both.
Self-employment tax is the Social Security and Medicare tax paid by self-employed individuals. It is similar to FICA which is the Social Security and Medicare taxes withheld from an employee's paycheck.
The Self-employment tax rate is 15.3% which is 12.4% for Social Security and 2.9% for Medicare.
See also this TurboTax Help.
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