The first thing you should check is if you have been misclassified. When you have income as independent contractor and you have little to none expenses to be claimed, you may be an employee. How it affects you is because you are not getting any withholding and you are subject to self-employment taxes. Most likely what is creating such a huge tax liability is income from self-employment with no expenses. You pay 15.3% of taxes on the whole amount if you don't have any expenses. Student status or being part time doesn't have any effect on the outcome, other than you may be entitled to claim some student credits. But the bottom line is check your worker status. You may want to read this.
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