Does anybody know of a website that will calculate an estimate for what I will owe in income taxes if I am filing a 1099-MISC? I have to file 2 1099-MISC and one 1099-R and I can't find a site that will let me put all that info in to calculate an accurate estimate of what I will owe. Every site I've been to has quoted something very different because none of them give me the option of including the 1099-MISC and 1099-R info, they only give me the option of being self-employed (1040-c) or filing a W2. I know I will need to talk with a tax professional, but I want to just get an idea of what I will end up owing. Also, this wouldn't be self-employed income would it? Isn't that only for people who run their own business and get a 1040-C? I get paid as a non-employee of a small business, more like an independent contractor I suppose.
2007-02-01 07:38:29 · 4 answers · asked by Einin-c 2 in Business & Finance ➔ Taxes ➔ United States
Yes the 1099-MISC is reported on a Schedule C. If you recieved income that is not self-employment it can be included on line 21 but independent contractors, as you describe yourself, do report on Sch C.
The good news is that you can deduct all sorts of expenses that you incurred to earn the income. Mileage, cell phone, utilities, supplies.
The 1099-R goes on line 15 or 16 as ira or pension distribution.
2007-02-01 15:52:29 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
You must also file a Schedule C or C-EZ. An you will have to pay self employment taxes on the income. That's why it is important to have records and list the expenses involved with that business effort, such as safety equipment, business cards, etc., because these reduce the amount of taxable income, thus reducing your self-employment tax.
2016-05-24 02:44:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pretty bluntly, what you are going to have to pay in taxes,to the IRS, is 15% of the income you received!!
2007-02-03 17:23:35 · answer #3 · answered by musicman 5 · 0⤊ 0⤋