Question on 1099-misc income. I worked as an independent contractor. Once I entered 1099-MISC income, the amount of tax to be paid jumped to almost 40% of the income.

[dugyala_home]

Are there any ways I can save tax on this 1099-MISC income? 40% Tax is high. Am I missing anything here?

Thank you

[Rainman12]

That's about right. Around 22% Income tax (depending on other income) Plus about 15% Self-Employment tax - Medicare and SS - which would be shared by Employer if you had W-2 income. What you can do about it: Reconsider expenses related to income to reduce net taxable income.