I am Independent Contractor working for law firm and I'm paid via 1099. Am I responsible for paying taxes?

Question

If so, what are the taxes?

Answer 1

Yes, for any amount over $5000. Check the IRS website for your tax bracket and rate, or use you last year's tax software.

Answer 2

enterprise isn't treating you as a typical worker; somewhat treating you as a 1099-misc worker or autonomous contractor. this form you will finally end up paying approximately 7% extra taxes than a typical worker. the earnings is that with 1099-misc you could deduct your enterprise appropriate expenditures on time table C or C-EZ while a W-2 worker you could deduct it purely as itemized deduction difficulty to 2% AGI shrink. in case you stumble on that the enterprise is badly classifying you as a contractor somewhat of a typical worker, record variety SS-8 with the IRS. determination of worker status for purposes of Federal Employment Taxes and earnings Tax Withholding. companies and workers record variety SS-8 to request a selection of the status of a worker for purposes of federal employment taxes and earnings tax withholding. besides the shown fact that, you're able to desire to appreciate that enterprise won't like your submitting variety SS-8.

Answer 3

Yes you are. You'd pay regular income tax, plus 15.3% of your net income for self-employment tax (social security and medicare). You'll fill out a Schedule C to show your income and expenses from this job, and a Schedule SE to calculate the self-employment tax. The numbers from these forms will transfer to your 1040.

Answer 4

yes you are. I to do a 1099 and you have to fill out a schedule C on your taxes. If you claim your mileage though you will possibly receive money back for loss on you profit or loss sheet. Also meals and expenses like cell phones can be claimed if used for work. Good Luck!!!

Answer 5

The taxes are added to you General Income and you will also have to pay the SS fees in addition.

Simply use on of the many Tax Software Programs, such as "Tax Act" and it will do ALL THE CALCULATIONS for you!

Thanks, RR

Answer 6

Get thee to an accountant! Yes! you need to pay estimated quarterly taxes including self-employment taxes for Social Security & Medicare. (15.3%). Basically, hold back about 25% to pay Uncle Sam (unless you are making big bucks in which case you need to keep back even more). But get a bookkeeper or accountant to file your quarterly payments or you will be in deep doodoo come tax time.

Answer 7

some who are" independaet" contractors are actually just employees of the company,it depends on how much direction they have over you etc.
if you are an employee according to irs then the firm should deduct taxes at source.

Answer 8

yes... you should be paying quarterly for any quarter you work...