Originally Posted by
THEOLDMAN
You will owe Social Security and Medicare...about 15.3% of your income. Since you aren't an employee, but a contractor you are responsible for both halves of your SS/medicare, normally an employer pays half or 7.15%, it may be a little different number but that's what it was a while ago.
15.3% is correct.
Bob: More useful information about the self employment tax and how to claim/pay it:
http://www.irs.gov/businesses/small/...=98846,00.html