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Old 11-03-2010, 04:41 PM
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1099 Taxes - How much will I owe this year?

Hello everyone!

I've been pulling my hair out this past year because I am working for a company in which has been paying me on a 1099 (I THINK its a 1099-misc?).

At any rate, I've been putting money aside, however, I don't specifically know how much I owe. Thus far, I have made $13,481.14 and counting.

Now, I've read that there is a mandatory 15% self-employment tax as well as additional income tax that can vary from 15-25%. Correct me if I'm wrong.

For now, I technically am not sure how much I owe, so I don't know how much I really have. In a perfect world, I would like to know the percentage so that I can set X amount of dollars aside for taxes.

I am a single college student still living with my parents. I do pay for my own tuition, if that is relevant.

If you guys could inform me as to what percentage of my total income I owe, that would be a HUGE relief. I am always flustered because I cannot budget unless I know how much I really have.

Thank you!!!!



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