what are the taxes for 1099?

[pavan Kumar]

I know it is not right place to post this question. Just trying to get the attention of the guys who are working on 1099.

what kind of taxes are involved in 1099. What is the minimum amount one should get more on 1099 than W2. Is there any rule of thumb for this.

Sorry to drag your attention.

 

[mavishka]

When you're working on a 1099 you gotta pay the full FICA Medicare and Social Security tax which your employer would have shared with you were you working on a W-2. Do the math and figure how much extra you'll need to make to pay the full FICA tax and equal a W-2 salary. Is that what you were seeking?

 

[pavan Kumar]

Thanks for the information. Besides FICA(SS & medicare), do we incur any other expenses. What mean is, do we incur unemeployemnt expenses, worker compensatin tax, liability expenses etc.