Hi Rainman,
Thank you for your answers and the quick reply. Much appreciated!
For question # 1, you mentioned paying Federal & Self-Employment taxes (approx. 40%).
- I understand Federal and State are the taxes that I have to pay regardless of W-2 or 1099.
- With the 1099, wouldn't I need to pay for Social Security and Medicare taxes?
- If yes, what are the percentages? I would need to add this percentage to the 40%, correct?
For question # 3, is there a form that I can use to calculate/estimate the 1099 quarterly tax amount to pay the IRS?
