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Joe M

Tax question about being a 1099 independant contractor

How much will I ultimately pay in taxes (fed, state, social, medicare, whatever else...) if i make $150,000 this year as a 1099? I've only been doing it for 1 month and have yet to file quarterly taxes...i'm putting aside 1/3 of my gross for uncle sam. is that enough?
Sunni:

yes that is perfect. you can figure on 33.3% but it will help you to keep one vehicle for the business and an extra for home claim your miles all your upkeep on it and gas reciepts and at the end you can figure both standard and itemized deductions to see which one works best for you, of course you will have to show a profit to have to pay taxes in the first place though

Rick:

you my friend are in the to tax bracket of 30%

Answer:
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