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!!!! |