Question

I am making money in 2019 to be reported on a 1099. My overall income is projected to be less than $32,000.Do I even need to worry about paying estimated taxes on it?

Forum|Forum|7 years ago
June 4, 2019
2 replies
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Lisa995

Employee

What kind of 1099? What type of income?

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

V

Vanessa11_2

Employee

Yes! If you are a 1099 worker, you will be responsible for Self-employment taxes which are 15.3% of your income. You will also need to pay regular taxes on top of the self-employment taxes. If your single, that will be about 12% in addition to the 15.3%. You will also need to make estimated payments to the state if your state has an income tax.

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J

julia-c-mullerAuthor

Thanks, I've tried to figure it out by doing a estimated tax form and it appears than I don't have to pay... I think I'm going to ask a local tax expert that I can discuss this.