[mjordan1382]

Is there a good way to estimate taxes for one consulting gig that I did as a 1099?

[AtlantaTaxExpert]

Here are some percentages:

Self-employment tax is 15.3%.

Most people are in the 15% tax bracket.

Most state income tax rates average around 5%.

So if you put 35% of your 1099 income aside for taxes, you should be okay.

Now, if you did the 1099 on top of a high-paying job, up the federal income tax portion to 25%.

[mjordan1382]

Here are some percentages:

Now, if you did the 1099 on top of a high-paying job, up the federal income tax portion to 25%.

What is the minimum that you consider a "high-paying job?" Thanks.

[AtlantaTaxExpert]

Anyting over $70K if you are single or $120K if you are married.