Tax on earnings outside your job.
A worked example
Starting figures
- Side income
- $18,000
- Expenses
- $3,500
- Marginal rate
- 24%
- Self-employment tax
- 15.3%
What it returns
- Total tax
- $5,529
- Keep
- $8,971
- Profit
- $14,500
- Income tax
- $3,480
- Self-employment tax
- $2,049
- Set aside per month
- $461
How to read the results
With the defaults above, total tax works out at $5,529.