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Self employment tax is 15.3%, less 50% deduction = $3,633.75
State income tax for your income bracket will be 8% + $1,360.28 = $5,160.28
Federal income tax: Your income falls into the 25% tax bracket. = $7,646.26
Total taxes: $16,440.29
Keep in mind that the city that you resident of may also charge a business tax. The above taxes do not take into consideration the standard deduction or any other deductions or credits that you may qualify for.
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