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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28352
Experience:  Taxes, Immigration, Labor Relations
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If I made $45,000 this year on a 1099 in florida, how much

Resolved Question:

If I made $45,000 this year on a 1099 in florida, how much will I owe in taxes?
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

Assuming that $45,000 is your net business income (after deducting all business expenses - your Adjusted gross income (AGI) would be $41,821

Assuming - you do not itemize - but use standard deduction - and assuming that you are single - $5,700
Personal exemptions - $3700

Your taxable income - $32,471

Your estimated federal income tax liability - $4,453

You will owe 15.3% self-employment tax on business income - $6,358
Total estimated tax liability - $10,811

 

There is no state income tax in Florida.

 

If you have any qualified deductible expenses - your net business income will be reduced and your tax liability will be less.

 

Let me know if you need any help.

 

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