[see clearly]

I am being paid as an independent contractor. I know I'll get a 1099 and I'm not making more than $15,000 this year. How do I pay the SS taxes? I know I'll pay witholding on my 1040 but not sure on SS. I believe I should save back about 25% for withholding. What else do I need to do.

[justme8]

I'm pretty sure the social security taxes are 7.5%. If you use Turbo Tax, and put in the info, it will figure out the tax that you owe the IRS.

[MukatA]

You will report your income and business related expenses on schedule C (Form 1040). Your net income from self-employment (or independent contractor) is subject to SE tax at 15.3%.
To learn more about self employment taxes and estimated tax payments, read
Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor

[AtlantaTaxExpert]

Self-employment taxes are what persons who work as independent contractors pay in lieu of the Social Security and Medicare taxes.

An employee only pays HIS/HER half of the Social Security and Medicare tax. The employer pays the other half.

The self-employed person pays BOTH sides of the Social Security and Medicare taxes.

Hence, 12.4% goes to Social Security, which is capped at about $104,000 for 2008. This means that, any amount over $104,000 is NOT subject to Social Security taxes.

The Medicare portion is 2.9%, but there is NO CAP on this part. That means EVERY dollar of the net profit shown on the Schedule is subject to that 2.9% levee.