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2 answers

That depends on a number of factors - a large factor is if you have deductible expenses for earning that income.

You'll owe self-employment taxes of 15.3% on your net, plus income tax at whatever your normal rate is - depends on your filing status, dependents, and deductions.

You are most likely required to make estimated payments quarterly. If you just wait until the end of the year and pay it all then, you'll probably be subject to penalties for under-withholding.

2007-05-08 08:59:12 · answer #1 · answered by Judy 7 · 2 0

Download the Form 1040ES package from the IRS website. Fill out the worksheets to determine how much you need to pay with your quarterly payments. Same for CT at the state tax department's website.

2007-05-08 15:52:22 · answer #2 · answered by Bostonian In MO 7 · 0 0

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