Ask an AI Accountant

Since you file 1099, I assume you're self-employed or an independent contractor. Your situation is different compared to W-2 employees because you need to consider self-employment tax even if your income is below the standard deduction. For tax year 2022, the standard deduction for single filers is $13,850. Given your income of $9,400, you won't owe any federal income tax because it's below the standard deduction. However, you'll still have to pay self-employment tax. Self-employment tax is composed of Social Security and Medicare taxes, amounting to 15.3% of your net earnings from self-employment. If your net earnings (your income minus any business expenses) are more than $400, you're required to file a tax return and pay self-employment tax. Don't forget to consider any business expenses that you can deduct to reduce your taxable income. This might help lower the self-employment tax you need to pay.