What is the percentage you pay on a 1099?

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What is the percentage you pay on a 1099?

2007-02-02 09:42:17 · 3 answers · asked by pookie9a 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

15.3% Self Employment tax + whatever your income tax works out to be based on your total income.

2007-02-02 09:46:52 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋

Depends on type of 1099 - no 1 can answer this as asked. 1099-Misc for Royalty - no 15.3% - just your marginal tax rate. 1099-Int - no 15.3% just your marginal tax rate. More info needed. 1099-Misc for non-employee comp - that brings in schedule SE.

2007-02-02 18:17:04 · answer #2 · answered by vegas_iwish 5 · 2⤊ 0⤋

15.3% for self employment tax but that doesn't include federal and state taxes. Those percentages are based on filing status, income, deductions, etc...

2007-02-02 18:05:10 · answer #3 · answered by Dizney 5 · 1⤊ 1⤋