Is there a good way to figure out estimated income when you are a 1099 contractor? I started independent contracting but I’m all new to this.

I’ve tried ChatGPT to help me but wondering if there are specific calculators I should use.

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Don’t use chatgpt for anything involving math

likefunnysmart

I know, but I just tried it to see what it does.

In general, if you are 1099 then wouldn't your gross income be whatever cash/payment you receive? I'm not sure how a calculator is going to help you here.

If you are trying to get the taxable income you'll have to figure out what your expenses are and subtract from the above. Or am I misreading the question?

like

Yes - self employment tax is an issue and I’m estimating it to be about 30% but I wanted to see if there’s a way to figure out how much to deduct to reduce the taxable income. That’s what I used ChatGPT for bc my account would be charging $300+

As for expenses - I don’t have many. I put some in an IRA, the rest is internet, LinkedIn cost, subscriptions.

If you’re just starting out, probably not

There are a ton of calculators out there if you search 1099 contractor rate vs W2

So which one do you recommend

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