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as a general contractor, I signed a 1099 for a repair job that

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totaled 14,273.00.How much will i...
as a general contractor, I signed a 1099 for a repair job that totaled 14,273.00.How much will i get taxed for this job
Submitted: 5 years ago.Category: Tax
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Answered in 17 minutes by:
5/1/2012
Tax Professional: Lev, Tax Advisor replied 5 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,702
Experience: Taxes, Immigration, Labor Relations
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Hi and welcome to Just Answer!

You need to report in box 1 schedule C GROSS payments that you received.

If you receive reporting form 1099MISC - you should have the gross proceeds on that form. Otherwise - you need to account for gross proceeds in your books.

 

The business income and expenses will be reported on the schedule C - http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

The net income (after deductions)will be reported on the form 1040 line 12 - http://www.irs.gov/pub/irs-pdf/f1040.pdf

If the business has net income over $400, it may be required to file Schedule SE, Self-Employment Tax and net income is likely self-employment income and 15.3% self-employment tax would be required (13.3% in 2011).

Self-employment taxes from schedule SE will go to the form 1040 line 56 - http://www.irs.gov/pub/irs-pdf/f1040.pdf

Also - you will deduct half of self-employment taxes on the line 27.
Generally - that all you needs. Please review all possible deductions - that might help to reduce tax liability.

To estimate your tax liability follow these steps:

1. estimate your deductions and NET business income.

2. you will be subject of 13.3% self-employment taxes on your NET business income.

3. you will pay income taxes based on your all income (including NET business income) - you may consider 15% as a very raw estimate.

4. Louisiana state income taxes are between 2% and 6% depending on your total income.

Let me know if you need any clarification.

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