How can I figure out how much I owe in Taxes for 1099 in Texas?
You’ll owe a little over 14% of your net 1099 income for self employment tax – that’s for social security and medicare. You’ll also most likely owe federal income tax, but without knowing the total you expect to make, and more about your personal situation like your filing status and what exemptions, deductions and credits you have, there’s no way to estimate that. If you’ll post again with more info, someone can give you at least an educated guess. You’ll probably pay around 25-30% including the self employment tax, but it could be more or less than that depending on your income and personal situation. You not only can but are required to pay in through the year. You are supposed to make quarterly estimated payments, sending the payment with a form 1040ES – you’ll owe penalties if you don’t. Two of the four quarterly deadlines are past, and the next one is Sept. 15, so it’s coming soon. This answer is for federal tax. Texas doesn’t have a state income tax so you don’t have to deal wit
