I am a sole proprieter paid as 1099. Can someone provide me an estimated % for State of CA Self Employment Tax and IRS Self Employment Tax Please? Just a rough estimate as close to accurate filing as single no children as well.
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I am a sole proprieter paid as 1099. Can someone provide me an estimated % for State of CA Self Employment Tax and IRS Self Employment Tax Please? Just a rough estimate as close to accurate filing as single no children as well.
There is NO California self-employment tax.
The federal self-employment tax is 15.3% of the net income on the Schedule C. The net income is your gross 1099 income minus all legitimate costs and expenses.
Thank you very much for answer and assistance.
Glad to help!
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