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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2574
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am being offered a 13 week contract in Arizona. The

Customer Question

I am being offered a 13 week contract in Arizona. The company pays 58 dollars per hour straight , using a 1099. How much should I plan to net per month?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

As 1099 contractor you employer will not take out any taxes, which means you get number of hours x 58.

When you file your taxes, you will be able to deduct expenses and will pay 15.3% of self employment tax (social security and medicare tax) as well as regular income tax on the net income.

Expert:  emc011075 replied 1 year ago.

Expenses you will be able to deduct will depend on the job location. If you will have to temporary relocate to Arizona, you could deduct some living expenses as well as trips from your main home to your job.

Here's a summary of expenses you might be able to deduct: http://www.irs.gov/taxtopics/tc511.html

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