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

    Feb 3, 2009, 05:35 PM
    How much do I owe?
    I received a 1099 for $756. About how much in taxes do I owe on it.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Feb 3, 2009, 07:33 PM

    Is it 1099-misc? If yes, you must file tax return. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Feb 18, 2009, 09:37 AM
    At most, $115 in self-employment taxes.

    But that is if you have NO offsetting expenses.

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