What percentage of taxes do you pay on a 1099?

What percentage of taxes do you pay on a 1099?

15.3% The IRS taxes 1099 contractors as self-employed. And, if you made more than $400, you need to pay self-employment tax. Self-employment taxes include Medicare and Social Security taxes, and they total 15.3% of the net profit on your earnings as a contractor (not your total taxable income). Oct 15, 2021