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Deductions & credits
1) Regular tax - Federal Income Tax - based on AGI - plus Self-Employment tax, about 15% of net SE income.
2) Most common rate for FIT = 22%; add 15% SE tax, around 40% of net income.
3) Pay estimated taxes directly to IRS on-line at https://www.irs.gov/payments
‎July 18, 2019
10:40 PM