- Self-employment tax includes both the employer and employee portion of Social Security and Medicare. This totals 15.3% on 92.35% of your net profit.
- You will also want to include your federal income tax when paying your estimated taxes for self-employment.
- The IRS requires you to pay quarterly estimated taxes if your'e going to owe more than $1,000.
The tax brackets dictate your tax rate and they can be found here: https://turbotax.intuit.com/tax-tips/irs-tax-return/what-is-my-tax-bracket/L3Dtkab8G#GoTo-What-are-t...
Here is a great resource for calculating your self-employment tax: https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4##
Hope this helps!
Cindy
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