I have a question regarding how much tax should be taken from my pay on a 1099 form. Let's say my pay (only from my 1099) was $9,000.00 Shouldn't the percentage be 25%? Between my husband's income and mine, we are in the 25% tax bracket. Entering this into TurboTax...it deducts over 30% off of this 1099 form. I am confused. Can someone help or explain?
2007-02-01 05:54:08 · 8 answers · asked by islaytoo 1 in Business & Finance ➔ Taxes ➔ United States
If you were an independent contractor, don't forget about FICA.
2007-02-01 05:57:43 · answer #1 · answered by feanor 7 · 0⤊ 0⤋
Sometimes the tax bracket goes up depending on different things, i.e., if your husband made more and didn't have enough deductions, if your home deductions are lower than before, etc. Best suggestion when getting paid via 1099 is to pay quarterly taxes so you can always be assured of receiving a return. Prayers =)
2007-02-01 05:58:10 · answer #2 · answered by Anonymous · 1⤊ 0⤋
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2007-02-03 19:54:35 · answer #3 · answered by gautaminside 1 · 0⤊ 0⤋
Tax brackets are based on total income, not just one source. You also might have an out of date program.
2007-02-01 05:57:31 · answer #4 · answered by wc256764 2 · 0⤊ 0⤋
I beleive turbo tax is h & r block . There not on my top of list as trust worthy. But one thing you can try is to go to irs.gov. They give you a list of tax preperations to go threw and you can try another one to compair and see how it comes out. most have charges but there is one there that you can view for free, and I think you can do them and it doesn't ask for payment until you hit submit so you can atleast check them against the one you have done.
2007-02-01 06:02:49 · answer #5 · answered by Shelly t 6 · 0⤊ 0⤋
I have used Turbotax for many years and it is very accurate. I think 30% is real good, you are lucky it isn't 41%
2007-02-01 05:57:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
30% OFF
2007-02-01 05:56:32 · answer #7 · answered by Udit D 4 · 0⤊ 1⤋
know your calculate your payment from here
2007-02-03 21:00:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋