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SSKK01
Mar 31, 2008, 03:42 PM
Hello.

I am an f1 student currently on opt.

I have been offered a 1099 position for 6 months at $50 per hour.

Is it the standard 33% or will it be more than that?

What is the percentage of tax that I must pay?

Thanks in advance

MukatA
Apr 1, 2008, 05:51 AM
The 1099-Misc income is reported on schedule C (Form 1040). You can deduct your business related expenses. On OPT, you don't pay 15.3% SE tax on this income. Only residents pay SE tax.

How you will treat the 1099-Misc income, read: Your U.S. Tax Return: W2 or 1099: Employee or Independent Contractor. (http://taxipay.blogspot.com/2008/03/w2-or-1099-employee-or-independent.html)