Can anyone give me info on 1099's?

Question

I am recieving 1099 forms for self employment. Anyone have a basic idea of what I will owe? (I know this question is very general, but I am looking for a guidance before I see my tax person) THANKS

Answer 1

The Federal and State tax that you will owe on your wages will depend which tax bracket you fall in. This is based on how much money you made and if you are married or single and how many dependents you are claiming. You can look up the tax charts on at www.irs.gov and your state tax website.

You will have to pay Social Security and Medicare taxes also. Since you were self employed you will have to pay both your share and the employer's share. Social Security will be 12.4% of your wages and Medicare will be 2.90% of your wages.

A high estimate would be Federal 15%, State 3%, Social Security 12.4% and Medicare 2.90% for a total of around 34% of your wages.

Answer 2

1099-MISC forms report income paid (but no tax withheld) for the yr.

This type of income needs to be reported on your return through Schedule C, and if any or all of your 1099s show at least $600 of income, you also will need to file Schedule SE (Self-Employment tax - you are responsible for paying SS and Medicare). I believe the rate for the SE alone is 15.3 ... that's in addition to any straight income tax.

Answer 3

1099 shows income
you are taxed on income
estimate how much you earned and look at an irs and state tax table
This will show you actually more tax than you owe because you will have income deductions but it will be a general estimate

Answer 4

15.3% self employment tax, plus whatever income taxes are due. It's not possible to give you a more detailed answer without more information.

Answer 5

These are such a pain. It completely depends on how much you've made, if it's your sole form of employment, etc. It only starts to tax after the first $600 you've made. If I were you, file online iwth TaxACT. They walk you through everything.