Hi Joncoco!
I will try to answer your question with the limited information provided, as well as ask questions that will help you come to the right answer.
Assuming the $50K is your only income in 2024, and assuming you have no expenses to reduce the $50K, you are single, under age 65, no dependents and take the standard deduction, your Federal income tax would be approx. $4,016 and Mass tax would be $2,500. You would also owe self-employment taxes to the IRS, which is 15.3% of the net self-employment earnings.
These numbers will change depending on several factors, including:
- Any other income you have
- Deductions, if any, that can reduce your 1099 income
- Filing status, your age and dependents
- Whether you itemize or take the standard deduction
Here's a link that may be helpful for you. A Guide to Paying Quarterly Taxes
Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!
Sincerely,
Kimberly, CPA for over 30 years
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