You'll need to sign in or create an account to connect with an expert.
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 income.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
segree-john
New Member
robert
New Member
des366
New Member
camillecaudill
New Member
davidgco99
New Member