 Who knows if there is a procedure to declare to the IRS if you find some gold coins? |
| I was wondering If you find a little chest buried that has some gold coins inside and you want to declare it how much will the goverment take, you know if they take most of it or they just collect a ... |
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 My boyfriend, who supported me and my kids in 2006 can't claim any of us, is there anything he can do? |
| He has paid for everything from food, housing, clothing, medical and preschool....can he get any deductions at all for me and the kids? It doesn't seem fair that he can't show us as his ... |
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 My hubby has been laid of can he claim dole? |
mu huby has been laid of due to no work can we claim dole even tho im working he was the main bread winner you see.
can we get help with rent. ... |
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| In 2005 i was out of work for 3 months and liquidated my 401K from my previousl employer to pay rent...I filed my taxes using TurboTax Feb 2006 and input all the information from the distribution. I ... |
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 If I buy stock and sell it in a few months (before a year's time), how much tax will I pay on my gains? |
I live in the state of Maryland.
As an example: I purchased $775 with of stock a few days ago and sold it for $1100 today. How much tax will I pay on this gain? Note that I make around $... |
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 Tax rebate question? |
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 If giving rebate checks helps the economy, why dont they lower taxes altogether? |
if they lower taxes by lets say 1/2, wouldnt that be helpful for the economy since your keeping your own money and spending it?
Additional Details
if giving checks is helpful why dont ... |
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 Do rich guys pay Social Security taxes after they retire? |
| I wonder, that if a person that retires (from work), but has interest income large enough to be taxed, does that person collect SS and also PAY SS??... |
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| I work in sales and receive a base salary plus quarterly bonuses. It seems that my bonuses take a higher tax hit versus my wages. I've asked for clarification and have received conflicting ... |
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King Felix | I just got a 1099 form and it says $6523.50 under Nonemployee compensation? |
This one of my partime jobs that I get checks without taxes,
I've never done a 1099 before, How much taxes am I looking at paying? I read some of the other answers, some said it's 15.3%, does this mean I have to pay the IRS almost $1000 in taxes?
thanks for your answer
Additional Details
close to half? wow! better to quit this job then. LOL |
 |
 
Dragonfly
|
You will have to pay 15.3% self-employment
Social Security and Medicare taxes in addition
to income tax on your NET self-employment
income... get a schedule C or schedule C-EZ
to subtract any business expenses... including
business use of your car... to get your NET income.
Also check it out... you might qualify for EIC or
an IRA contribution. |
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Doctor Deth
|
not half - maybe 30-40% depending on you r overall income - why aren't they withholding taxes - certain types of work - they are not allowed to give you a 1099 - they MUST withhold taxes and give you a w-2 |
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Jonathan B
 |
If this is your only 1099, then you won't be paying much in federal and depending on state possibly state income taxes.
But you do owe the approximately 15.3% for social security and medicare taxes. If you were an employee, the employer would have paid about half the social security and taxes due, and the remaining half would have been deducted directly from your paychecks. |
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MoB
|
What type of job was this and maybe we can help you with some ideas for deductions so that you can lower your net taxable amount for this 1099 |
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renee2bizee
 |
YOU NEED TO SEE IF YOU HAVE QUALIFYING DEDUCTIONS AND/OR BUSINESS EXPENSES. |
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Tim
 |
The 15.3% is the social security and medicare. You would still owe fed and state taxes on top of that.
Depending on your state and your fed tax rate, it could be close to half.
Welcome to the self employed world. |
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jsaleem201
|
I think you would just add it to your income and your taxes would be based upon your adjusted gross income. There is no fixed rate for earned income. It all depends upon how much you earned from your other jobs and the deductions etc. Now I think and I am not a tax professional but you can deduct some of your expenses related to this job from your income like travel, a home office space ext,. Just talk to a tax professional like H&R block etc. They usually give you some free advise, even prepare you taxes for free to show you how much money you would get back. |
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Nature Mother
|
Stinks, don't it??
I quit even trying to be self employed since they penalize you so much for even making a couplr thousand dollars.
Added to the rest of your forms, hopefully it will even out and you will still get a refund.
Good luck!! |
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