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You also will be paying your normal federal and state rate along with the self-employed tax rate. For example:
Federal rate 25%
State rate 6%
Self-employed rate 15%
On $2,000 you can be paying
Federal $500
State $120
Self-Employed $300
Total taxes on $2,000 is $920
You also will be paying your normal federal and state rate along with the self-employed tax rate. For example:
Federal rate 25%
State rate 6%
Self-employed rate 15%
On $2,000 you can be paying
Federal $500
State $120
Self-Employed $300
Total taxes on $2,000 is $920
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