2006-12-01 15:37:08 · 3 answers · asked by Liz H 1 in Business & Finance ➔ Taxes ➔ United States
Income tax is calculated the same as it would be on W-2 earnings. In addition, you'll pay a 15.3% self-employment tax, which is for social security and medicare. If you were working on a W-2, then you'd have had half of that deducted from your paychecks, and the employer would have paid the other half.
In most places, state and local taxes would be the same for 1099 income as for W-2 income.
2006-12-01 18:19:35 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
It's your regular IRS "tax bracket", plus roughly 15% of FICA taxes, plus any state income taxes.
2006-12-01 15:50:41 · answer #2 · answered by alex 2 · 0⤊ 0⤋
It is based on your income bracket. Go to the IRS website, www.irs.gov.
2006-12-01 15:42:24 · answer #3 · answered by serenity 1 · 0⤊ 0⤋