Welcome Guest. Sign in or Signup

4 Answers

How much to save for filing 1099 taxes?

Asked by: megan 6223 views YA Discussion

I’m starting work this July and first time filling out for 1099. I did a little reading on it, do I have to make quarterly payments or can I file like a W2 once a year? I will be making 2,700/MO = 32,400/YR. How much should I put aside for taxes and what can I expect to pay back?

Thanks for your help!

Asked: Chris

How others found here:

  • 1099 how much to save for taxes
  • how much should i set aside for taxes 1099
  • how much taxes should i take out for 1099

4 Answers

  1. falsi fiable on Jun 01, 2011 Reply

    News flash: YOU don’t fill out the Form 1099, the people who contract you fill out that form.

    You need to see a tax professional. You have to set aside about 10-15% for federal income taxes, 13.3% for Social Security and Medicare taxes, and several percent for state and local income taxes.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  2. Cathi K on Jun 01, 2011 Reply

    You wont be filing a W2 as they are for employees. You need to d quarterlies if you will owe 1k or more at tax time. You need 13.2% for social security and medicare (back to 15.2% next year). On a schedule C you will report your income and subtract your expenses. How much federal and state depends on a lot. Married? Kids? Other jobs? etc.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  3. Judy on Jun 01, 2011 Reply

    You’ll owe well over $ 4000 for self employment tax (social security and medicare) – half that for half this year – plus whatever your income tax is. Yes you need to pay quarterly payments.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

  4. StephenWeinstein on Jun 01, 2011 Reply

    4 payments per year, but not “quarterly”. There are 2 in 1 quarter, 0 in another quarter, and 1 each in the other two quarters. The due dates are in April, June, September, and January.

    Roughly 30%. Using Form 1040-ES to get a better estimate.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes

Your Reply