Self Employed Taxes Help, Help, Help !?

I would have to examine your tax return for a complete breakdown and answer; but, as a self-employed contractor there is the 15.3% SOCIAL SECURITY & MEDICARE TAX right off the top, then the federal income tax takes its bite so at the 15% level $ 1,500 sounds about right. You can go to IRS.GOV and download a free Pub 17 for a complete read about everything you need to know for starters in the tax world. Also, consider sitting down with a tax preparer; preferably one that is licensed and registered by the IRS and has the required identification EFIN & PTIN numbers assigned. Said preparer can give you a dog & pony show of what is going on.