I now get paid with a 1099 misc form. I will make about $1700 this year. What % of my income will I be paying in taxes? I have no dependents. Just trying to be responsibl

[Opus 17]

That’s your only taxable income?  No other job, investments, pension, etc?

[hannah5]

No other jobs or anything. Currently a college student though. I took on an internship with Northwestern Mutual part time while attending school

[hannah5]

I have heard the percent ranging from 5-30% though. Which makes a huge difference

[VolvoGirl]

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.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57 which goes to 1040 line 14.  The SE tax is in addition to your regular income tax on the net profit.

[Opus 17]

If that is your only income then expect to pay 15% self-employment (approximately) and zero income tax.

Because the amount is so small, you won't owe a penalty if you hold on to your money and just make a payment when you file your return.  But you would be expected to pay estimated taxes quarterly, based on the income earned in that quarter (at 15% in your case).  Estimated payments are due 4/15, 6/15, 9/15, and 1/15, based on income earned in the preceding period (yes, they aren'y exactly equal quarters).  If you don't make estimated payments, be sure to have some money saved for the tax when you file your return.

Special note: in some cases, an internship might be considered part of your education and, since it is considered school instead of work, you are exempt from SE tax as well.  I think this does NOT apply for external internships even if class credit is earned, but you might ask the internship office at school if they have any guidance for you.  

[SweetieJean]

State taxes may be different.