What is the tax rate on a 1099? ... $21,500 income for 2007?

Does anyone have experience paying taxes on a 1099. I am a contracted %26quot;non-employee.%26quot; I made 18,500 for the year of 2007, and was paid $2,500 in unemployment (it was a tough year). ): I%26#039;m pretty sure I qualify to the lower tax bracket on the grand scale of things.

I also live in the state of Texas.

Does anyone know what % of my income I can expect to pay come April?

Thanks a lot for you answers!

What is the tax rate on a 1099? ... $21,500 income for 2007?education loans

The tax rate you are going to have to worry most about is the social security and medicare rate. They are going to far out distance your income tax rate. I know from experience. Your rate on that is 15.3% on 92.35% of your income. Now self employeed people do get to deduct certain business related expenses which others do not get to deduct. It is going to be worth your money and effort to contact a %26quot;good%26quot; tax professional. These are expenses that are taken right off the top so they mean a lot. Now you did not mention whether you are married. Do you pay health insurance? That is a deduction that self employed can take. If you are single about 10 to 12% on your adjusted gross income. Which would be about $16,000. That is the federal taxes. Someone familiar with state will have to advise you on that.

Your unemployment benefits are not subject to SS tax so be careful.

What is the tax rate on a 1099? ... $21,500 income for 2007?

loan

With no business expenses and a standard deduction, about 25%|||Do you have expenses to write off? You need to do a schedule C.