If you are a W-2 employee, you can change the amount of your Federal withholding at any time to ensure you aren’t hit with a big tax bill when you file your return in April.
For anyone who does contract work and receives a 1099-NEC, that income is subject to a 15.3% self-employment tax + Federal withholding.
See the table below to determine your tax rate for Federal withholding.
| Rate | For Single Individuals | For Married Individuals Filing Joint Returns |
| 12% | $9,951 to $40,525 | $19,901 to $81,050 |
| 22% | $40,526 to $86,375 | $81,051 to $172,750 |
| 24% | $86,376 to $164,925 | $172,751 to $329,850 |
| 32% | $164,926 to $209,425 | $329,851 to $418,850 |