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DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 789
Experience:  Years of Experience in Business & Personal Taxes
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I am an independent contractor in the State of Texas. What

Customer Question

I am an independent contractor in the State of Texas. What are the taxes from a 1099 on 92,000?
Submitted: 4 years ago.
Category: Tax
Expert:  DanielleCPA replied 4 years ago.
Welcome and thanks for your question!

Please note that the below answer assumes that you do not have any expenses you can deduct against the income, have no other income, take the standard deduction, and you are an individual filing a Schedule C. If that is not the case, please let me know and I will give you an answer more appropriate for your specific situation.

92,000 of straight self-employment income, no deduction will be taxed as follows:

Self-employment tax (13.3%) - $12,236
Income tax - $17,555
Total $29,791

Please note that the above is only an estimate of any taxes you may owe. Depending on your specific tax situation, you may owe more or less tax.

If you need further assistance, please let me know using the reply button and I will gladly assist you. If I have answered your question, I politely ask that you give me a positive rating if you do not need anything additional at this time. Thanks and have a great night!
Expert:  DanielleCPA replied 4 years ago.
Hi,

Just checking in with you to see if you needed any additional clarification or assistance. If you do, please let me know using the reply button and I will gladly help you in any way I can. If you are satisfied with my answer, please don't forget to give my answer a positive rating or I do not receive credit for helping you. Thanks!

Danielle