How much will I owe in taxes as I made 7340 as an 1099 contractor?

Using the below enclosed website address.

You can find the estimated tax worksheet and instructions by using the below enclosed information

If you would like to do some estimated tax calculations you would need to go to www.irs.gov and use the search box for 1040ES go to page 8 for the 2010 Tax Rate Schedules and page 7 for the worksheet.

You can try anyone of the online estimated tax calculators for some estimates to get an idea of what things may look like after using the correct IRS forms and compare the numbers

Use your search engine and type ESTIMATED TAX CALCULATORS and you will be able to find several of them that you can use for this purpose.

http://www.dinkytown.net/java/Tax1040.html

All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.

In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.

The independent contractor self employment income will be reported on the schedule C of the 1040 tax form and you will be responsible for the 15.3% of the social security and medicare tax on your net profit from the business operation you also may need to make some quarterly estimated tax payments for the tax year 2010. The last payment would be January 18 2011.

You would have to be sure that you handle your business deductions correctly for your business operation.

For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.

Publication 463 Travel, Entertainment, Gift, and Car Expenses

Use the search box at the www.irs.gov website for Small Business and Self-Employed Tax Center

Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.

2 of the seven tax tips for starting a business enclosed below.

#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material

*Starting A Business

*Operating A Business

*Closing A Business

*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

http://www.irs.gov/

http://access.wa.gov/business/taxes.aspx

Hope that you find the above enclosed information useful and good luck to you.

And a happy thank giving to you in a couple of days today is November 22 2010

If the 7340 is after any allowable expenses for that job, you'd owe a little over $1000 for self employment tax.

For federal income tax, would have to know how much you got for unemployment. And no actually you didn't already pay the tax on that, you had tax withheld that is shown on your return and applied to anything you owe. Odds are you won't owe federal income tax, you'll have paid in enough and might even have some left over to apply toward the se tax.

Unless the laptop was bought just for your 1099 work, it's not deductible.

You'll owe at least $1,034 on the self-employment if that's your net. Income taxes will depend upon your total income and you have not give that. You may have had taxes withheld from the unemployment but that will just be applied against your tax liability when you file. It may or may not be enough to cover what you owe.

If you purchased the laptop for the self-employment you *might* be able to partially depreciate it but to do so you will have to substantiate that it was used more than 50% for business for the entire year. That's probably not going to happen unless the gig was for more than half of the year and the laptop was used almost exclusively for business.

what is the lap top for? exclusively for your business? if so possibly

at any rate, if you have no expenses to claim on your Sch C, your $7340 will cost you $1037 in self employment tax

depending on your unemployment total, you may or may not have any income tax, your non taxable income is $9350 for singe, no dependents

however your se tax is payable, but-------you might be entitled to EIC, just might