How does everyone handle taxes when income received from consulting work?

 

Example:

Project A brought in $1000.00

 

Now set aside 33% for federal and say 10% for state (I am in the state where
there are state taxes).

So if I set aside 50% is that too much?

 

The figures are just estimates.

 

(Checking IRS site as well, just thought I would ask here)





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