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MarcableFluke t1_j2frux5 wrote

Reply to comment by BakedPastaParty in Getting paid in this way for the first time. Had to fill out a W-9. What are the tax implications for me now? by BakedPastaParty

You will pay roughly 15% of your net earnings (income minus ordinary and necessary business expenses) towards self employment taxes.

You will be taxed federally on the net earnings as well. How much will depend on how much you make both from the contract position and other sources of income. We have a progressive tax system and all income is pooled together before a final tax liability is calculated.

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