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QUESTION DETAIL
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I've earned $10,000 particpating in a clinical study. How do I calculate the taxes to be paid on the earnings from the services rendered?
ANSWER
Expert Mark Anderson's Answer:
You complete schedule C and schedule SE. It really depends upon the tax bracket you are in. However, self-employment taxes are generally around 15%. Here is a calculator:
http://www.calcxml.com/do/inc05
I hope this answers your question. Thank you.
