im a truck driver and i can choose between Toledo, Cleveland, or Sandusky Ohio as my address. How do i know which city to list as my address to get the best rate on my taxes? ..actually i live IN the truck so would that benefit me in any way?
im a single white 24y/o male with no kids. i expect to bring in around $40,000 this year.
how can i estimate what i will recieve after taxes?
2006-09-01 03:01:59 · 6 answers · asked by sean_mchugh6 3 in Business & Finance ➔ Taxes ➔ United States
Sean,
You can go to www.paycheckcity.com & input your information under each scenario to determine which is best for you. Be careful though, b/c the IRS has set rules for determining which place you can call your residence-but you aren't making a huge amount of money so it might not be an issue.
2006-09-01 03:04:28 · answer #1 · answered by chh945s 2 · 0⤊ 0⤋
First, check and see if the City of Toledo and the City of Cleveland make you pay city taxes as a resident. I'm betting they do, so you'd be better off claiming Sandusky as your address. So you're a single man, no kids, looking to bring in about $40K this year...in your situation, plan on having 30% of your salary taken out of each pay check. So if you're an independent contactor, be prepared to put $12,000.00 a year in the bank to pay for taxes. When you file your taxes, you'll be better off having someone do it for you. Yes, it'll cost you, but believe me it's worth it. How much can you expect to get back? That's really hard to say because there are so many variables. What I can tell you is the trained tax professionals will get you the best possible tax return.
2006-09-01 10:09:07 · answer #2 · answered by sarge927 7 · 0⤊ 0⤋
Based on my conversation with my accountant wife, depending on what state you live in and how much you make each year, the answer will be different, but she says a good rule of thumb would be taxes of between 25 and 33%.
2006-09-01 10:08:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
General theory is that 30% of your salary goes to assumed taxes. 20% federal, 10% state. I use this format when doing taxes and i break even every year!!
2006-09-01 10:05:13 · answer #4 · answered by exel 2 · 1⤊ 0⤋
just figure 30% to fed 20% to state 20%to local, and 30% fuel usage tax that should put you in the ball park.
2006-09-01 10:19:22 · answer #5 · answered by citisat 3 · 1⤊ 0⤋
This question is asked at least once every day. When you're typing in your question it will pull up similar questions already asked. A searched of past answers will be very enlightening.
2006-09-02 02:02:05 · answer #6 · answered by misslabeled 7 · 0⤊ 0⤋