I am a contracted employee and will receive a 1099 for services provided in Indiana. How much should I save back for taxes?

That REALLY depends on what your total income would be, but I would advice you save AT LEAST 25% of each paycheck for taxes.

Also, quarterly estimated taxes should be paid to the IRS using Form 1040-ES.

Total on 1099 should be 4,800 for the year 2012.

If that is your ONLY income, then have about $750 available at the end of the year to pay the 15.3% self-employment tax.

You will have NO income tax liability because the combination of your personal exemption ($3,700) and your standard deduction ($5,800) exceeds the $4,800 earned by $4,700.

No - this is a side job. I will have around $45,000, plus my husband's income of $38,000 for a total of $83,000 plus the $4,800 from the side job, which will equal around 87,800.

Just want to make sure I shouldn't be filing something now... have never gotten a 1099 before. Thanks for all of your help!

In that case, make NO estimated tax payments.

Just decrease your allowances on your job by ONE to withhold enough taxes to cover the extra tax that the $4,800 will generate on your return.

Thank you SO much! Greatly appreciated.

Glad to help!

I already have 0 allowances, so I should be okay I think.

Yes, probably, but that depends on how many allowances your spouse has. This assumes you will file jointly.