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Question: How many taxes will i be paying overall with a 1099 and end of the year taxes?

I will be working for a company at home and paid as a contractor with a 1099. How much taxes do i pay on the 1099 then how many taxes do i pay at the end of the year for overall for self employment assuming no deductions. say i made 5000$. in the end how much should i put aside for taxes?

Answer: You will have to pay the full amount of your Federal and state income taxes,all of your social security and medicare taxes.
Since you will be working from home,you should get information from the IRS that lists all of the requirements for taking home office deductions for utilities,phone and supplies,insurance and other costs.

I suggest you also invest in a home and business software to help track your personal and work related expenses to help at tax time.

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