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CoachK3 OP t1_iuijw88 wrote

Reply to comment by BringItBoy in How much to save from 1099? by CoachK3

Total profit is about $1000. I don’t want to give my friend his $500 and then I get taxed on the entire amount, so I need to figure out what to pay him

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BringItBoy t1_iuik7zk wrote

A 1099 just means you made misc. income which is just income for yourself. What is your tax rate usually? Base it off that of course after deductions and other things.

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CoachK3 OP t1_iuikec0 wrote

Hmm ok I’ll have to ask my accountant. Was hoping for a a basic % to save for taxes, but that makes sense

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