You combine them

You do a schedule C  with your gross income from all 1099's, for your business taxes, take off all your business deductions, that is net income on which you will pay your SS taxes and then put your net amount on schedule 1040, not sure what line.   From your net amount you deduct 1/2 of your SS tax, either your itemized deduction or the amount they allow you , then your personal deductions and that is what they figure your Federal income tax on.  You then add your federal tax plus your SS tax and that is what you will owe.  Go to Barnes and Nobel or a bookstore and get a book or but Turbo Tax for smal business so you might better understand it.    If you are married, on the 1040 you will add your husband's income along with your net income from your business. 

Like my accountant first told me try to get your net business income down as low as you can to reduce the amount of SS you pay (15.7%).   That is why a book will help you to look for those missed deductions if you don't want to go to an accountant.   Also turbo tax helps but sometimes seeing it in writing is better for some of us.   Also go to the IRS web pages and you can download a lot of the forms to see what I am talking about.  

• TAXES - ?
  • I agree - Patti
    • I have another question for you - if you don't mind
      • You combine them - Patti
  • as an IC you need to get a GOOD CPA.... - who can answer all your questions....sm
    • I've been paying a lump sum for my taxes - ebbie
      • as I know it - it's legal to pay in April...sm - who can answer all your questions....sm
        • yes. you can pay in April, but--sm - Anon2
          • dunno what state you're in but NEVER was I fined - who can answer all your questions....sm
            • sm - Anon2
              • sorry to hear that, don't know what to say...sm - who can answer all your questions....sm
                • I've never paid and quarterly and never been fined either - nm
                  • A question then...sm - Anon2
                    • It must be because I didn't owe very much - sm
                    • Fines/Penalities - Patti
                      • Thanks Patti. sm - Anon2
                    • 2/3's of me is an IC, 1/3 a PT MQ'er....sm - who can answer all your questions....sm
                      • Thanks. I am total IC and work for one company..sm - Anon2
                        • You're welcome!! Hope it helped some....sm - who can answer all your questions....sm
                  • oops...should be *never paid quarterly* - nm
        • Thanks! I use mine all year too... - ebbie

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