<prompt> Human: I just recently became an insurance broker 4 months ago. I didnt realize it until after I received my first two pay checks, but there were no stubs attached and it was just a check. So I asked what was happening about taxes and my boss said that I signed a 1099. I am a senior majoring in business with an emphasis in finance and I am embarrassed to say that I dont know what this is or what I am supposed to do. I worked for the US Postal Service for 3 years before this job and that was a W-2. Ill only make about 5000 as an insurance broker for the rest of this year. Is this something that I declare on my taxes or is it supposed to be under the table? Is there a minimum amount one has to make before it is declared as other income on taxes? Should I try and change this part of my income or can I to a W-2 in the future?  <response>: 1099 means you are a contractor, not an employee. You are responsible for paying federal, state, local, and all of self employment tax.This is not under the table as your brokerage will submit the 1099 information to the IRS.When you file your taxes this goes on Schedule C. If you fill out using an electronic program like Taxact or similar, the taxes will be automatically calculated. But just guessing you have other income sources I would say you should save at least 40 of the 5,000 for taxes to be on the safe side. 