I made $2587.63 in nonemployee compensation how much tax would i owe?

Answer 1

If that's your only income you're only liable for the 15.3% Self Employment Tax. File Schedule C or C-EZ to account for the income and any business expenses. File Schedule SE to calculate the SE tax.

If you have other income and your total income exceeds $8,450 for 2006 (assuming that you're single and not the dependent of another taxpayer) you'll also owe income tax on it; the amount of that will depend upon your taxable income.