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What is the percentage that I will have to pay on a consulting job?

I am doing a consulting job and was able to get out 5,000 in 2007. And the other 13-15,000 will be in 2008. How much taxes will I have to pay on this $5,000? Thanks.

Asked By: East Coast Guy - 1/21/2008
Best Answer - Chosen by Asker
SE is self employed tax. You see, when you are employed the taxes that you pay are only half of the requires amount. The employer splits that tax with you. So the gentleman, before me is saying that with the consulting job that is considered self employment income you will have to pay the tax of your tax bracket plus... More
Answered By: billy m - 1/21/2008
Additional Answers (1)
15% for SE tax. Whatever your marginal tax bracket is for income. So plan on 25-40%.
Answered By: v b - 1/21/2008
 
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