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Re: 1099 work and employment taxes

Subject: Re: 1099 work and employment taxes
From: Peter Gold <peter -at- highsoft -dot- com>
To: "TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com>
Date: Fri, 7 Feb 2003 13:58:27 -0600


The IRS gives free answers to questions, best done NOT at tax time. However, surveys often report that the answers are wrong as much as 33% of the time.

If you plan to use software to calculate your tax, buy it early and run some scenarios to arrive at answers. Enter your expected income, income type, deductible business expenses, other allowable deductions, retirement contributions, etc.

Regards,

Peter Gold
_________________________________________________________________________
KnowHow ProServices division of HighSoft, Inc. www.knowhowpro.com
Adobe Certified Expert: FrameMaker 7, FrameMaker+SGML Authoring, Acrobat 5, InDesign 2
WebWorks Professional Certified trainer
Voice: 660-691-0701 Toll-free outside S. F. Bay Area: 800-795-6066 FAX: 650-691-0995


At 12:27 PM -0600 2/7/03, Tom Herme wrote:

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?

Thanks,

Tom Herme
therme -at- frontiernet -dot- net
651-463-8327

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

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