about Tax return ?
I work for a littlecompany...and I m on 1099 form,.....Not W2..
I work full time..8 hours a day ..five days week...
my co-worker told me that we have to pay for 15% tax......actually we should only pay for 7 percent...and for we are low income..we will get $ back....now we have to pay 15%...the boss shold pay 12 %..now we all paing for all....this is sucks ..right .i really need a new JOb ...I got pay $ 8.35 per hour.....each mouth i got pay for 1200 dollars.around this ....so how much i have to pay for tax><any one here knows ?
- shopaholicLv 52 decades agoFavorite Answer
I assumed you're working in the U.S. If you're getting 1099, you're screwed. You have to pay for all the taxes. Your employer is not responsible for paying any taxes for you. The income tax rate varies according to the amount of your annual income, your marital status and the number of dependents you claim.
Let's say you are single and your annual income is around $24,000, you'll have to pay $730+15% of the amount over $7,300. That will be $3,235. It's just an estimate. For more information on tax rate, you can check http://www.irs.gov/formspubs/article/0,,id=133517,... But since you're on 1099, you can have itemized deduction so that you can pay a little less. If you want to pay less, you can think about opening an IRA account. That will help.
Anyhow, a suggestion for you is to find out if your employer is willing to provide you with W2 instead of 1099.Source(s): personal experience