what percentage of income should a 1099 employee set aside for taxes?\n40 to 55 percent\n20 to 35 percent\n5…

what percentage of income should a 1099 employee set aside for taxes?\n40 to 55 percent\n20 to 35 percent\n5 to 15 percent

what percentage of income should a 1099 employee set aside for taxes?\n40 to 55 percent\n20 to 35 percent\n5 to 15 percent

Answer

Brief Explanations:

1099 employees are self - employed and responsible for self - employment tax (Social Security and Medicare) in addition to income tax. Generally, they should set aside 20 - 35 percent of their income for taxes to cover these obligations.

Answer:

B. 20 to 35 percent