How much taxes are taking out of a 1099?

[grady_ike]

How much taxes are taking out of a 1099?

[IsabellaG]

If you are asking how much taxes were withheld from your 1099, you will see that right on your form. If you received a 1099-MISC, the amount of taxes withheld is shown in box 4. It's not common to have any tax withheld from 1099 income, but if you requested withholding, it would show on the form.

If you are asking how much more tax you are paying because you have a 1099, I can only say that the income is added to the rest of your taxable income, and you pay tax on it based on the tax rate for your total taxable income. 

Plus, if it's a 1099-MISC, you will pay Self-Employment Tax (Social Security and Medicare), which is 15.3% of your net self-employment income.

[TammiHamblen]

I workedb1 job forv1800 and gotva 1099 for nonemployee comp what do i do

[TammiHamblen]

Nothing in box 4. Box 7-$1800. No other income. 1time only job.

[VolvoGirl]

That is self employment income.

You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version.

How to enter income from Self Employment

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/... 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15.  The SE tax is in addition to your regular income tax on the net profit.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a.  Turbo Tax automatically calculates the SE Tax and Adjustment.

For 2019 Schedule C Net Profit or Loss now goes to 1040 Schedule 1 line 3.  Then the total on schedule 1 line 9 goes to 1040 line 7a.

Here is some IRS reading material……

IRS information on Self Employment

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center

Pulication 334, Tax Guide for Small Business

http://www.irs.gov/pub/irs-pdf/p334.pdf

Publication 535 Business Expenses

http://www.irs.gov/pub/irs-pdf/p535.pdf