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Get your taxes done using TurboTax
self-employment tax is about 15% of total income which based on the $25,000 you specified is by itself $3,750. in addition, there would be regular income taxes on the balance but you may be entitled to the QBI deduction which could chop about $4000 off your taxable income if you qualify.
state estimated tax payments must be made separately to the state - not the IRS.
‎August 6, 2021
10:13 AM
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