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    rettemnierb49's Avatar
    rettemnierb49 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 3, 2009, 07:02 AM
    1099 instead of a W2
    I have just excepted a job where I will be getting a 1099 instead of W2. My question is how do I figure the amount of money to put aside for taxes each week?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Jan 3, 2009, 07:09 AM

    You are independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. 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

    Jan 6, 2009, 05:52 PM
    Since NO taxes are withheld, you should put aside 30% to cover income and self-employment taxes.

    You also need to start making quarterly estimated tax payments using Form 1040-ES.
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