Side Job income

[SJG2]

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.  

[Anonymous]

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?