1099 Employee

Forum|Forum|3 years ago
November 16, 2022
2 replies
15 views

What does it mean to be a 1099 employee and how will this affect my taxes and refund if I’m also a full time employee from another company?

xmasbaby0

Level 15

ALL of your income must go on the same tax return. Expect to pay self-employment tax for Social Security and Medicare, and possible ordinary income tax on the self-employment income. You will need either any version of the CD/download software or Self-Employed if you use online TurboTax.

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

R-SchuleCPA

Level 5

1099 employee are commonly referred to as independent contractors, which comes with the tax responsibility of paying both income tax and self-employment tax on net income from self-employment earnings. Income tax is dependent on your prevailing tax rate from all sources of income. Self-employment tax, which is FICA and Medicare for the self employed is taxed at 15.3%,

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"