1099 taxes

Forum|Forum|3 years ago
August 18, 2023
3 replies
10 views

Hello,

I am a 1099 worker actually I just started and haven’t received my first check yet. I’ll be getting paid weekly. How do I know how much to put aside from every weekly check?

Not A Product Question

Bsch4477

Level 15

You might find this helpful.
https://www.irs.gov/taxtopics/tc554

xmasbaby0

Level 15

https://turbotax.intuit.com/tax-tools/calculators/self-employed/

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.**

NCperson

Level 15

you'll want to put aside 15.3% for your self-employment tax. That is no more than the SS and Medicare withholdings that would occur if you were a W-2 employee.

then for the income tax, it really depends on how much you are earning. easily 12% tax bracket and could be higher. You may want to use this website to estimate your earnings for the year and then you'll know how much to put aside.

https://www.dinkytown.net/java/1040-tax-calculator.html