[scarface74]

Self Employment taxes is one reason I never considered doing side work. Taxes would total almost 50- (Federal 28%, state 6%, SSA 12.4%, Medicare 2.8%).

Now, between the tax cut that makes our marginal tax rate 24%, and that my primary job puts me over the social security maximum, my total taxes would be 32.8%. But I still have a magic number that no one has been willing to reach to make side work worth it for me.

[icedchai]

The nice thing about side work is you can write tons of stuff off as “business expenses.” Your actual taxes are a lot less than you think because of all these write offs.