I worked as a full time employee (W4 taxes were deducted by the employer) and I was self-employed (independent contractor - 1099MISC i.e. no taxes were deducted by the employer) for some months of the year.
For simplicity, let's say that I made $50k for FT position and $20k for self-employment position. Will I be taxed at $70k or will I taxes separately for $50k and separately for $20k?
This is the first time I have worked as an independent contractor. So, I really don't know how this works.
(The money I received from my self-employment gig was after Sept 15th so, I didn't have to pay the "quarterly taxes" or whatever they are called.)
When it comes to my income tax, how will it be calculated? Does the money that I made from self-employment add into the total income during the year?