If you have a regular job and you and your regular employer pay the annual max in social security, then you only have to worry about medicare tax and your regular income tax on your "consultant" job. Actually to have benefits from the regular job and use your vacation to take a "consultant" job is a nice way to do things. You can, if you wish, establish a SEP IRA and put 15% of self-employment earnings after expenses into it, inaddition to any 401k you might have at your regular job. If you do very much of the "consulting" you may need to either increase your withholding or pay quarterly installments on your income tax. Best wishes, Chris
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