[klesar]

I recently accepted a fellowship position which will give me a 1099 since I am not considered an actual employee of the organization. I will be making approximately $20,000 in 2009 and have very little income (around $1000) from my previous 2009 employment as a Peace Corps Volunteer. I am trying to figure out how much money I will be expected to pay in taxes from the 1099 so I can have an idea of how much I will actually have available to spend each month. I will be living in Atlanta, Georgia if that matters.

Thanks!

[klesar]

Also, I am single with no dependents.

[MukatA]

1099-misc income: You are self employed or independent contractor. You must file your tax return if yourself employed income is $400 or more. You will report your income and expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Half of SE tax is deductible on line 27 of Form 1040. Read: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor

[AtlantaTaxExpert]

All of what Mukata says is accurate if you are a resident alien or U.S. citizen.

If you are a student on a F-1 or J-1 visa or a trainee on a J-1 visa, then you are EXEMPT from the 15.3% self-employment tax. While Schedule C is still needed, you would file it with Forms 1040NR and 8843.