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I worked 4 months this year as a 1099 employee. I made

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I worked 4 months...

I worked 4 months this year as a 1099 employee. I made $5,440.00. What is my tax liabiltiy on this amount.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I lost my job the end of February this year as a Paralegal. An attorney friend needed a temporary Receiptionist, while her's was on medical leave. I worked mainly as a Receiptionist; but, if she needed me to handle some of the legal work to help her Paralegal get caught up a did, and of course she compensated depending on what I was working on. My base salary was $15.00 an hour.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No. My job ended mid-May 2017. February 6, 2017 to May 19, 2017

Submitted: 3 months ago.Category: Tax
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1/6/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,642
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

You are required to pay self-employment tax if your net self-employment earnings were $400 or more for the year. This $5440 was Self Employment income.

Social Security tax is assessed at a rate of 6.2% for the employer and employee. Since self-employed individuals are considered to be both the employer and the employee, the Social Security tax rate for self-employed individuals is 12.4%.

The Medicare tax rate is 1.45% each for employers and employees, so self-employed individuals pay a Medicare tax rate of 2.9%.

15.3% total on the first $127,200 in net self-employment income. $770 in Self employment tax. You will need to file a Schedule C with your return to report the income.

Please let me know if you need more information. Just post below
If not then please scroll up to see the STARS to rate so I am credited.

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