tax rate calculation?

Question

does anyone know what the percentage rate is for irs 1099 tax?

i am single, living in va, no kids.
let's say if the total charged to 1099 is $100,000.

is it 30%?? so the final amt. becomes like $30,000?

Answer 1

If you had $100,000 in income from a 1099 (with no reduction for expenses which would be highly unlikely) your taxable income will be $91,250 after taking standard deduction and your personal exemption. The tax on that will be $19,889 with a marginal tax rate of 28%. That is 21.796% of you taxable income or 19.889% of your total income.

Answer 2

It depends on your total income for the year. You would probably be in a 28% bracket which doesn't mean you pay 28% on all of it, but on the top dollars of income.

If you have any allowable deductions on your 1099 income, those would be subtracted before figuring your tax. If you don't, or if the $100K already has expenses netted out, your federal income tax would be a little over $18,000, and self employment tax (for social security and medicare) would take a little over $14,000. So your total federal taxes would be around $32,000. Depending on where you live, there might be additional taxes for state and local.

Answer 3

If you had $100,000 in income from a 1099 (with no reduction for expenses which would be highly unlikely) your taxable income after adjusting out half your self-employment tax will be $84,185 and after taking standard deduction and your personal exemption the tax on that will be $17,683 plus self-employment tax of $14,130 for a total of $31,813 with a marginal income tax rate of 28%. That is 31,813% of your total income.

Answer 4

check the irs.gov page. it will break it down for you. but i always err on the worst case scenario side....35%