The IRS taxes 1099 contractors as selfemployed If you made more than $400, you need to pay selfemployment tax Selfemployment taxes total roughly 153%, which includes Medicare and Social Security taxes Your income tax bracket determines how How to Track 1099 Expenses as an Independent Contractor? You must provide Form 1099NEC to your contractors each year Understanding Form 1099NEC A company must provide a 1099NEC to each contractor who is paid $600 or more in a calendar year Independent contractors must include all payments on a tax return, including payments that total less than $600
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