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    kimerika's Avatar
    kimerika Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 9, 2008, 03:10 PM
    Form 1099 and paying taxes
    I get paid with a 1099 I get 10hr how much of taxes will I pay at the end of the year
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Sep 9, 2008, 03:25 PM
    The 1099-misc income is reported on schedule C or C-EZ (Form 1040). You can deduct your business related expenses. Net income is subject to SE tax at 15.3%.
    How you will treat the 1099-Misc income, read: Your U.S. Tax Return: W2 vs 1099-Misc: Employee vs Independent Contractor.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Sep 10, 2008, 11:08 AM
    Expect to pay at least one-third of your income for self-employment and income taxes, plus whatever you must pay to state income taxes.
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