I don't really make that much, so I don't know if I have to pay taxes or not... especially because I am NOT an employee. Just an IC... Any insight on rules/regulations of ICs?

As a self-employed individual you need to file a tax return if your income form self-employment is $400 or more as you will have to pay self-employment taxes. Also have a look here:
http://www.irs.gov/publications/p17/ch01.html#en_US_2011_publink1000170388

Table 1-1.2011 Filing Requirements for Most Taxpayers
For filing requirements.

But yes, that is why independent contractors should be making a higher wage than a hourly worker.

First of course you are not covered by workers comp or by unemployment coverage.

And yes depending on how much you earn but you will be paying Federal and State ( if you have state taxes) and self employment taxes.

Normally self employed should be setting about about 30 percent of their pay to go toward taxes. If you earn enough you should also be doing estimated taxes each quarter.

If you are gong to remain self employed I would advice setting down with a accountant or other tax professional to go over all the requirements.