i just did a freelance job for $2000 and was wondering what portion of that i should set aside for the taxes ill owe at the end of the year from this? I'm 21 and single in california
United States - 2 Answers
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1 :
At least $285 for the self-employment tax. If that's your entire income for the year, that will be it. If you have other income the income tax will depend upon your total income for the year.
2 :
your self employment tax will be approx 15.3% of your Sch C net which is where you will report this income and a Sch Se for the self employment tax if this is your only income you more than likely will not owe any income tax but the se tax has to be paid
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