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    sales11's Avatar
    sales11 Posts: 11, Reputation: 1
    New Member
    		  
    #1

    Apr 5, 2009, 05:48 PM
    Taxing 1099-misc
    I receive a 1099-misc for 152,000.00.

    About how much taxes should I pay?

    Thanks,

    Antonio
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 5, 2009, 06:46 PM

    You are self employed or independent contractor.

    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jun 4, 2009, 10:10 AM
    Hopefully, you prepared Schedule SE, which would have capped the Social Security portion of your SE tax at $104,000.

    There is NO cap on the Medicare portion of the SE tax.
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