Anyone know the approximate % of tax for 1099 income?

[tastybasslines]

Thanks.

I'm getting squeezed by the boss.

So for every $100, after tax I would get...?

[MJ5150]

About 25%, so you'd get $75 out of $100.

-Mike

[LowDown Hal]

the Boss takes $90 of that
leaving you $15 in the hole

[PSPookie]

Originally Posted by tastybasslines

Thanks.

I'm getting squeezed by the boss.

So for every $100, after tax I would get...?

That depends on how much you make, how you filled out your W-2, what city and state you live in, and probably a few other things. But probably around 25-35% is a typical range once you include fed, state, medicare, SS, etc.

[aborgman]

Originally Posted by PSPookie

That depends on how much you make, how you filled out your W-2, what city and state you live in, and probably a few other things. But probably around 25-35% is a typical range once you include fed, state, medicare, SS, etc.

You'll get socked for about 8% for FICA, and then your fed/state income tax will depend on allowances claimed in your W-4.

25-35% is probably a good guess, but depending on income level and lifestyle you may very well get most of that back at the end of the year.

[-Kramer-]

Just remember that you have to pay the employee SS rate that you are used to (4.2% this year) AND the EMPLOYER rate of 6.2% (since a 1099 means you are self employed) plus local (if applicable), state and federal income tax. Oh yea, almost forgot medicare tax of 2.9% IIRC!

Probably looking at 25% even if you are in the lowest federal tax bracket.

[DwaynieAD]

i was 1099'd for years its like 20%

[SoonerMatt]

Depends on your income. I'm being 1099'd and right now mine's 27%. There should be a worksheet that comes with the paperwork that helps you figure out what percentage you need to pay.

[fdeck]

I'm not an accountant. But I suggest downloading Schedule SE (self employment tax) and working it out. I did this once many years ago, and it was a pretty simple form.