I currently have a full-time job where I make $80k/year. To supplement this I am going to do some independent contracting (evenings/weekends). I have seen advice for estimating taxes directed to people who are simply self-employed but I am not sure how/if that advice changes for someone who is contracting on the side while also working a full-time job as an employee.
I am using this question as a starting point, whose accepted answer recommends putting aside 15% for social security and medicare.
Since I am in the 25% tax bracket, should I set aside 40% of my earnings as an independent contractor or only 25% since I pay medicare/social security taxes through my full time salary?
Also, to what extent should I take into account exemptions like the kind I filed with my employer? I am married-filing-jointly, my wife currently is a-stay-at-home-mom and thus has no income, and I will claim two dependents on my 2015 tax return. With my employer that came out to 8-9 exemptions but I'm not sure how to factor this into what I set aside from my IC income.
Thanks in advance!