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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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What are the approximate taxes paid on a 1099 (Independent

Customer Question

What are the approximate taxes paid on a 1099 (Independent Contractor) in the State of Texas that made 92,000?
Submitted: 5 years ago.
Category: Tax
Expert:  Megan C replied 5 years ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

As with many things in tax, your ultimate tax liability "depends" on your situation.

Is this a schedule C business? what's your filing status? do you have any other income, if so, how much? How many dependents do you claim?

All this makes a difference.

In addition, you can deduct expenses you used to generate that profit, so if you haven't taken that into consideration as well.

Please note, this is an information request - once you let me know a bit more about your circumstance I can give you a more reliable figure. Please do not issue a rating until you have an answer.