topic It does not seem reasonable that my son would have to pay 953$ in taxes via 1099-misc without any other income. This includes some deductions. Is this right? in Get your taxes done using TurboTax

It does not seem reasonable that my son would have to pay 953$ in taxes via 1099-misc without any other income. This includes some deductions. Is this right?

blackrounder — Mon, 03 Jun 2019 18:54:49 GMT

Income reported on a form 1099-MISC is self-employed inco...

MinhT — Mon, 03 Jun 2019 18:54:51 GMT

Income reported on a form 1099-MISC is self-employed income. Your son can deduct any expenses which are ordinary and neccessary from this income to arrive at a net self-employed income. That income is subject to self-employment tax (which is the equivalent of Social Security and Medicare taxes) and income tax.

Self-employment tax at calculated at 15.3% of 92.35% of the net self-employment income and income tax is calculated at the applicable tax bracket after deduction of the standard (or itemized) deduction.

Self employment tax is about 15.3% of net self employment...

Bsch4477 — Mon, 03 Jun 2019 18:54:52 GMT

Self employment tax is about 15.3% of net self employment income.