Re: 1099 work and employment taxes

Subject: Re: 1099 work and employment taxes
From: "Jo Francis Byrd" <jbyrd -at- byrdwrites -dot- com>
To: "TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com>
Date: Fri, 7 Feb 2003 12:32:47 -0600


Tom,

When I work on a 1099, I put aside a third of the check for taxes - and
usually add a little more. for example, if the gross is, say, $1000, I'll
probably set aside $350. I also set aside another 20% for retirement
savings; by the time all the business deductions are taken out, it usually
comes out about right.

HTH

Jo Byrd

----- Original Message -----
From: "Tom Herme" <therme -at- frontiernet -dot- net>
To: "TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com>
Sent: Friday, February 07, 2003 12:27 PM
Subject: 1099 work and employment taxes



Does anyone know what employment tax (Social Security and Medicare) a person
pays on 1099 work?
Would I be responsible for the entire approximate 15 percent? If so, does a
person get half back when completing a Schedule C at tax time?



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References:
1099 work and employment taxes: From: Tom Herme

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