Start with the 22 percent federal bonus tax withholding. $1,000 x 22 percent = $220 in federal bonus tax withholding Calculate FICA tax withholding. $1,000 x 6.2 percent = $62.00 Social Security tax ...

For the 2024 tax year, independent contractors pay 12.4% in Social Security contributions on the first $168,600 of net income and 2.9% in Medicare taxes on all net income. Single filers must pay ...