How much do I pay for taxes as a 1099 employee?

When you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate.

You will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from Business, or you may qualify to use Form 1040, Schedule C-EZ, TO determine your Net Profit from Business. You will also need to use Form 1040, Schedule SE, Self-Employment Tax to compute and report your social security and Medicare tax.

For instructions and forms go to the IRS gov website and use the search box for publication 334 a very good place to start with examples.

Publication 463 Travel, Entertainment, Gift, and Car Expenses

Use the search box at the IRS gov website for Small Business and Self-Employed Tax Center

Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.

2 of the seven tax tips for starting a business enclosed below.

#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material

*Starting A Business

*Operating A Business

*Closing A Business

*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

You are the only one that has all of the necessary information that will have to be reported on your 1040 FEDERAL income tax return for the year in order to do the calculation for the numbers that you are looking for.

After you complete your 1040 federal income tax return correctly to your TAXABLE INCOME and page 2 lines 43 and Line 44 you will know the amount of your income liability before any credits or other taxes.

Continue from Line 45 to the last lines at the bottom of the 1040 page 2 and then you will know how much taxes you will have to pay if any after you complete your 1040 income tax return correctly.