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    mediniv's Avatar
    mediniv Posts: 1, Reputation: 1
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    #1

    Feb 10, 2010, 04:06 PM
    What is the tax amount in CA, when salary is 72k on 1099
    What is the tax amount in CA, when salary is 72k on 1099
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Feb 10, 2010, 05:15 PM

    Too many factors here to give a good estimate. I would suggest using one of the many tax software sites where you can get an estimate for free.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Feb 11, 2010, 04:03 AM

    1099-misc income: You are an independent contractor. You will report your income and business related 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). Self employed, independent contractor or sole proprietor Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor

    For single status without any dependent, you federal tax is $11850. Besides you will pay SE tax and CA income tax.
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