Side Job income

SJG2 — Wed, 27 Oct 2021 16:17:22 GMT

I made more than I anticipated this summer with a sub-contracted side job. I am thinking the company will send a 1099. If I mane 16,000.00 How much tax will I owe. Also there was not a lot of write off to this job.

Re: Side Job income

Anonymous — Wed, 27 Oct 2021 16:31:32 GMT

Based on the information you provided ($16,000 self employed income with no deductions), here is an estimate of self employment taxes that you will pay for the year 2021.

Tax Amount :$2448

Social Security Portion :$1984

Medicare Portion :$464

Self-Employment Tax Rate :15.30%

You can claim a federal deduction for half the SE tax you pay, which can help lower your taxes.

For more information click here What is the Self Employment Tax?

topic Side Job income in Self employed

Side Job income

Re: Side Job income

Tax Amount :$2448

Social Security Portion :$1984

Medicare Portion :$464

Self-Employment Tax Rate :15.30%