Colorado Self-Employment Tax Calculator
Use Keeper’s 1099 tax calculator to see an estimate of your tax bill or refund. Feel free to tinker around, or get serious with our advanced info fields.
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FAQ
Yes, it’s possible to have both 1099 income and W-2 income. Most people with a full-time job and a side hustle fit into this category.
For example, let’s say you’re a marketing professional who has a salaried job at an agency but also offers consulting services to clients on the side. You’d receive a W-2 from your salaried job and 1099 forms from your clients.
There are several ways in which working with 1099 contractors might be advantageous for employers than hiring W-2 employees, including:
- Cost savings. When employers opt for 1099 contractors, they’ll save on taxes as well as the cost of benefits for a full-time W-2 employee.
- Flexibility. Contracting with 1099 workers is often ideal for short-term, project-based hiring. Need a web developer for a one-month project only? A contractor is the way to go.
- Highly specialized skills. Connecting with the right 1099 contractor means an employer can find exactly who they need for a particular project or task — with minimal training required.
Not sure whether you should pursue 1099 work? Here are some pros and cons to consider.
Pros of self-employment
- You can set your own hours
- You can choose your clients — and nix the ones that aren’t working for you
- Working with multiple clients often means a varied and exciting work environment
Cons of self-employment
- Your income can be inconsistent throughout the year, meaning you’ll have to budget carefully
- You won’t receive benefits like company-sponsored healthcare, sick leave, or paid time off
You’ll file your 1099 taxes using the following forms:
- Schedule C
- Schedule SE
- Form 1040
You may also need to file other forms, depending on your particular tax situation. Check out Keeper’s guide to filing self-employment taxes for step-by-step instructions.