How much would I owe for self-employment tax if I have two jobs that are 1099 forms? Is the tax going to be counted as one?
- JudyLv 79 months ago
Will be the same as if you got the same amount from one 1099 job, a little under 15.3%
- curtisports2Lv 79 months ago
You must complete a schedule C for each 'job' to calculate what your NET business income is. You pay self-employment tax on the NET income, reporting the net income from all Schedule C you file on ONE Schedule SE (and on ONE Form 1040 and whichever of the six new sub-schedules that business income is reported on).
You pay 15.3% self employment tax on 92.735% of your net business income.
- StephenWeinsteinLv 79 months ago
The tax is based only on the total amount of money, not on the number of jobs. The self-employment tax is 15.3% of "net earnings", which are defined as 92.35% of profit, so you pay 15.3% of 92.35% of profit, which is approximately 14% of profit.
- NALv 79 months ago
Whether or not you get a 1099-misc, you report all income.
If both of the forms are for the same line of work, you add them up and enter them on a single 1040 schedule C. You also include any income that didn't issue the form (eg, not a business or less than $600).
If the net earnings are $400 or more, you must also do a 1040 schedule SE (just one, no matter how many schedule Cs you alone had).
The schedule SE is roughly 15.3% of the net income.
The income itself is taxed at your regular tax rate.