Say I earned $3000 as a 1099 contractor/self employed and am also a W-2 part time employee, how much do you think will I owe on 1099 taxes?

3000 -> income as 1099 self employed

8,000 > 8-month until april, income on my w-2 job

How much am I possibly going to owe for my taxes as a 1099 contractor?

4 Answers

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  • 7 months ago

    You will owe 15% in self employment tax and then income taxes for state and federal based on total income. Probably going to lose 35% of that 3K to taxes.

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  • 7 months ago

    It depends on how much you earned as a part time employee.

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  • 7 months ago

    Since your total for the year is only $11,000 (adding $8000 plus $3000), you probably won't owe "income tax". You would owe the poorly named "self-employment tax" which would be about $424.

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  • Judy
    Lv 7
    7 months ago

    You'll owe around $100 income tax on your total income plus around $460 self employment tax to the feds. What you owe for state and local depends on where you live.

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