Taxes on a sole proprietor business

Question

I currently have a business in which I am the sole proprietor. My income consists of services and no goods. How much of my income should I be setting aside for my taxes(local, state, and federal)? I'm planning on making less than $10,000 in my first year.

Answer 1

If this is your only income, you would owe very little income tax and about $1400 in SE tax.

Answer 2

This will be added onto your 1040 with the rest of your income if you have a job.