Smart to ask! Federal tax is one thing. The Medicare and Social Security taxes are usually held out of a paycheck and the employer pays a matching amount. As a contractor, you pay the full amount. You need to be mailing in quarterly payments, otherwise the IRS can penalize you for not paying as you earned the money. Save some from each paycheck and mail it in each quarter or pay through the IRS portal.
Small Business and Self-Employed Tax Center - complete guide
About Schedule C (Form 1040), Profit or Loss from Business ...
Self-Employment Taxes
Form 1040-ES, Estimated Tax for Individuals - calculator and forms to mail in
Your taxes will be your federal tax rate plus your Self Employment taxes.
For the federal:You will want to stay aware of where you are falling in the IRS tax brackets page with an easy to use calculator from TurboTax. In your case, 12% federal.
The self employment tax is roughly 15.3% of your income. Mailing about 27% is a very rough estimate.
Don't forget to mail in state estimated payments. Those are much easier! Please contact the Department of Revenue for estimated payments.
Finally, you do sounds like an employee and you could turn them in and dispute that you owe the employer's share of the taxes.
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