I have both a full time salary and additional contract work on top of that. I know that self employment taxes are
15.3% with 12.4% for Social Security and 2.9% for Medicare. Do I pay my federal and state tax on top of that percentage? For example, if I'm in the 22% federal tax bracket and my state tax is 5.5%, do I end up paying 42.8% of 1099 wages earned in taxes? For example, if I make $10,000 on contract work in 2021, I would owe $4,280 in taxes?
