It really depends on the specific ammo you're using, how far away you shoot it from, and how many times you hit it in a given spot; the "Improvised Munitions Handbook" gives the following figures for a BALL round, fired from 10 feet away:
Mild Steel - 3/4"
Aluminium - 2"
Pine Wood - 32"
Gravel - 11"
Dry Sand - 14"
Wet Sand - 21"
These are all for ONE hit, and don't take into account multiple hits in the same spot, so you really want to make sure that you build any backstop deep enough and strong enough that rounds won't get through or ricochet, because they can end up MILES away. At a minimum, I'd say you'd want several truckloads of sand and gravel dumped into an open-ended containment box on the ground, with the containment box made of concrete, and INSPECT IT REGULARLY. There was a range up here that fired .50s indoors, and found that the rounds simply ate their way through the backstop, and they were actually firing THROUGH the backstop in short order. Safety first.