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If I made less than $7,000 dollars on my 1099 last year, how much if any taxes will I owe?
If your total earnings were less than $7,000 for the year, then you would actually not owe any income tax, as long as you cannot be claimed as a dependent on someone else's return.You would, however, still be liable for the self-employment taxes of social security and Medicare at a rate of 15.3%. So on earnings of $7,000, you would owe approximately $1,071 to cover those two taxes.Thank you.