Re: 1099 work and employment taxes

["Jo Francis Byrd" <jbyrd -at- byrdwrites -dot- com>]

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?



^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
 
Buy or upgrade to RoboHelp X3 today and receive the WebHelp
Merge Module for FREE ($299 value). RoboHelp X3's all-new
features include conditional text, completely re-engineered
printed documentation output, Context-sensitive Help Toolkit,
single-source layouts, and more!
Order online today at http://www.ehelp.com/techwr-l


---
You are currently subscribed to techwr-l as:
archive -at- raycomm -dot- com
To unsubscribe send a blank email to leave-techwr-l-obscured -at- lists -dot- raycomm -dot- com
Send administrative questions to ejray -at- raycomm -dot- com -dot-  Visit
http://www.raycomm.com/techwhirl/ for more resources and info.