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    missisabella86's Avatar
    missisabella86 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 13, 2007, 10:27 PM
    Do I owe a lot of money?
    I got a 1099 this year because I don't get taxes taken out every week. I made 6700 total for the year. How much will I owe. I'm a full time student and I don't thik my mom claims me. I am single and 20 years old I am really worried here...
    chosen1's Avatar
    chosen1 Posts: 60, Reputation: -7
    Junior Member
    		  
    #2

    Feb 13, 2007, 11:39 PM
    Well do you have any tax write offs... like reciepts that could go for your business... what did you get a 1099 for? You can claim yourself and possibly write off your tuition as well. Self-employment tax is 33%... you may want to start paying quartely
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 14, 2007, 10:36 PM
    Self-employment tax is NOT 33%; it is 15.3%.

    The use of the expenses to reduce your taxable income are valid, though.
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