How much would you pay for it?

How much should I have to pay back on 1099 pay?

• I am working for a company, and the owner is giving me 1099 pay when I should be a w-2 employee. It is just a summer job as I'm a college student. I make 10 an hour, and already got paid 250 for 25 hours of work, and pays me whenever he chooses, which is always at least once a week. Anyway, if I do make around 5,000-6,000 this summer (and as my whole year), how much do I have to pay back? I have done some homework about paying ALL my social and medicare since a w-2 employee would only pay half. I'm guessing I won't have to pay much for or if any at all for federal or state here in kentucky. Since I am only making so little for a yearly income, I'm guessing it shouldn't be much anyway. So, what would you GUESStimate on how much I would have to pay back if I earn 5-6 grand this summer? THANK YOU! :)

• Answer:

  Self employment tax, for social security and medicare, would be around $700-850 if you don't file form SS-8 to get your status corrected to employee - if you do, your employer will be charged for employer taxes and you'll just pay the 7.65% that an employee owes.