Hello @Kelvinv90 !
In this scenario, you will most likely be receiving a 1099-NEC for your income. This means that on your next tax return, you will be filing a "Schedule C" which is the form for self-employed taxpayers. Don't worry, TurboTax will do all the hard work filling out the forms, all you will have to do is enter your 1099-NEC and answer questions about your new business activity.
As for how much you will have to pay, you should enter all your income by type in our TaxCaster to get an idea about how much you will expect to owe. As a general rule, you will pay income tax at your usual tax rate, PLUS you will owe 15.3% self employment tax on your net self employment earnings.
To arrive at what your net will be, you will take your total income and subtract your expenses. In general, any money that you spend in order to be able to make the income you are reporting is a deductible expense. For example, software subscriptions you use for your music producing, musical instruments, computer equipment, etc. If you have to drive somewhere to do the job, you can also deduct your mileage or vehicle expenses. Finally, if you use a part of your home as a home office, you may be able to deduct home expenses such as rent or mortgage, utilities, property taxes, etc.
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