I am a 1099 employee in the State of Arizona. If I was terminated would the same laws apply for unemployment and collecting all paychecks and payments due within 48 hours?

Do I have any protection by law?

1099 contractors do not fall under labor laws. I can't give you a definite answer on unemployment because that's extremely situation specific. But they would not be obligated to provide your final pay under the same guidelines as an employee.

Am I correct that a 1099 contractor is very similar to an employee that is being paid "under the table" so to speak and it is that individual's responsibility to pay for all applicable taxes and claim deductions to make the 1099 worth it? In my case there are no benefits (health, 401k and etc) and apparently I can be terminated at any time and will not have protection against unpaid wages.

I didn't say you had no protection against unpaid wages. I said you don't have the same protections as an employee would. You have different protections.

If an employee doesn't get paid, they go to the DOL. If you don't get paid, you file a civil suit.

Copy that, thanks for your help!! Nobody in the company is getting paid right now due to lack of funds. We are being asked (told) to work when they cannot pay us.

Not necessarily. Paying "under the table" is when the company pays an *employee* without deducting taxes and reporting the wages to the proper taxing authorities. A true independent contractor is NOT an employee and therefore the company is not required to withhold taxes, provide worker's comp insurance, etc. and the only reporting requirement is a 1099-MISC if they pay over $600 in a calendar year.