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IT-203 1099-misc??
What would a general tax percentage be on an income of $4200.00 from form 1099misc box 7 on form IT-203? I am a single mother of a three year old boy and my total income for the year including that 4200.00 is about 10,000. I know in the end I will not end up paying back because I will even out, but I just want to know the percentage that I will be taxed on that $4200.00. Please help!!
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Form 1099-MISC is typically used to pay non-employee subcontractors. NO taxes are taken out by your client - YOU are responsible for all tax payments. In the case of NY State's taxes (I assume that's what you're referring to when you mention IT-203), the tax rate for non-resident wage earners with $10K of taxable income is 2.9%. You don't mention whether you were a non-resident wage earner, or a part-year resident (Form IT-203 is used for both scenarios) - so for now I will assume that all $10K was earned in NY. Given your personal exemption of $3K and an exemption for your son of $1K, your NY state tax taxable income is $10K - $4K = $6K. You total NY tax bill should be 2.9% of that amount, or about $174. This assumes you are not A New York Citry resident. Post back if any of my assumptions are wrong. |
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