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Step 1Create a spreadsheet you can use to track the money you make as an independent contractor or freelance worker. Step 2Add up all the payments you have received each month from your contract and freelance work. Step 4Add your Social Security and Medicare tax liability together and set that money aside from your earnings. Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since 2003.

Freelance and contract work can be very rewarding on both a personal and professional level, but that type of work can also increase your taxes. The Medicare tax is normally shared between employer and employee, with each kicking in 1.45 percent.
If you expect to owe more than $1,000 to the Internal Revenue Service, you may need to make quarterly payments to the tax agency instead of paying just once per year. When you work or yourself, the Internal Revenue Service considers you to be both the employer and the employee, and that can significantly increase your tax burden.

But when you are self-employed, you must pay both sides of the Medicare tax, resulting in a 2.9 percent levy on all your freelance earnings.
Conrad also works full-time as a computer technician and loves to write about a number of technician topics.

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