How much will I owe in taxes (10-99)?

you will file Sch's C and SE on your 1099 income, SE taxes will be approx 15.3% of your 'net'(from the Sch C half of the se tax is applied as a credit to reduce your gross income and in the end if your adjusted gross income is below $5700 you will not owe income tax but you will owe the SE Tax and will have to be paid

You may want to use this its a online tax calculator.

You should not be diverting it into savings. You should be sending it to the government every few months as "estimated taxes" See Form 1040-ES for the amount to send, the address to which you send it, and the due dates. Be sure to include the 15.3% self-employment tax in addition to the regular income tax. Holding onto the money until the end of the year is not allowed, and will result in substantial penalties.

Your 1099-misc income: You are self employed or independent contractor. You must file your tax return if your self employed income is $400 or more. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). If someone can claim you dependent, then you can not claim your own exemption.