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Are you single? Married filing jointly? Do you have any business deductions against the $10k? Do you itemize on schedule A?

Remember you get to pay the other half of social security on Schedule SE. That's about 15.6% right there. If you haven't got any deductions and your single, tack on 27.5%. But you get to deduct 1/2 the self employment tax. Oh yes, you're state will likely have it's hand in your pocketbook too. Get down to the store and buy a copy of Turbotax and start inputting some numbers.
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