What is the tax rate for self-employment income?

Self-employment income in Washington is subject to two types of taxes - federal income tax and state income tax. The current federal income tax rate for self-employment income can range from 10% to 37%, depending on the amount of income. The federal income tax rate for self-employment income is calculated on a graduated scale, meaning the higher the income, the higher the tax rate. For Washington state income tax, self-employment income is taxed at a flat rate of 5%. This rate applies to the entirety of the taxable income, no matter the amount. This means that if you have self-employment income in Washington, 5% of that income will be taxed by the state. It is important to remember that in addition to the federal and state income taxes, you may also be subject to other taxes, including payroll taxes, such as Social Security and Medicare tax. These taxes will also need to be taken into consideration when determining the total tax rate for self-employment income in Washington. Overall, the tax rate for self-employment income in Washington is a combination of federal and state income tax, plus any other applicable taxes. The rate can range from 15% to 42%, depending on the total income and any other taxes that may apply.

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