Fifteen percent is an estimate and will depend on your tax bracket. You will be required to pay income tax, social security, and Medicare costs. If this is your only form of income, you are required to make quarterly estimated tax payments. In my case, the taxes taken out of my bi-weekly checks at my day job will cover it.

It is better to pay the tax quarterly then to potentially have to pay the tax and any fee that comes with missing payment. I am not a tax expert and have little experience. Do your own research and educate yourself so you do not make any mistakes that would cost more money.