Taxes

So as a W-2 employee taxes, be they income taxes or payroll taxes (Social Security and Medicare) are withheld you your employer.  When you have a gig that does not withhold these taxes you are Self Employed ("SE"). 

If you are SE,  you usually must  pay SE tax if you had net earnings from self-employment of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from SE. You calculate net earnings by subtracting ordinary and necessary trade or business expenses from the gross income you derived from your trade or business. et income as well as any income tax liability.  Net income is your gross income less your expenses.

You can use this tool to help you: Tax Caster 

You an also look at this article for more details: Estimated Taxes: How to Determine What to Pay and When 

You would also be responsible for state taxes and potentially local taxes.  Local taxes are an area that clients often neglect, so it is important for you to reach out to see if there is local tax in you area.  

Thank you so much for your question @Isaacisaiah123  

Be well and safe!

Marc T.

Turbo Tax Expert

27 Years of Experience Helping Clients