I made $ 9,510.00 from june, to Dec, 31 i would like to know how much do i have to pay the federal ans state taxes? I have 2 kids and I'm head of household, plus I'm a full time student. I got a 1099 form from my job and i would like to know so I can take care of this before I get into trouble or something. some one told me that I may not have to pay nothing because of my kids, head of household, and being a ful time student, but I don't believe that, so I asking the yahoo professionals.
2007-01-25 06:04:40 · 3 answers · asked by condorsey 1 in Business & Finance ➔ Taxes ➔ United States
If you have a 1099 from your job rather than a W-2, you need professional assistance. Get to a small CPA firm which specializes in taxes. My fear is that SE tax will eat into your EIC refund. A tax pro can help you reduce that burden as much as possible.
2007-01-25 06:13:46 · answer #1 · answered by skip 6 · 0⤊ 0⤋
You'll have to pay 15.3% self employment tax on the net amount of your earnings. There's no way around that.
You probably won't have a federal or state income tax liability and may qualify for the EITC. That might be enough to offset the unpaid self employment taxes if you're lucky.
2007-01-25 14:17:19 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Really kinda depends on what state you are a resident of. Different states have different tax structures, fines, levies, duties, and recusals. The fed is gonna want theres, but they took alot of that from each paycheck, or should have if you filed correctly.
2007-01-25 14:17:30 · answer #3 · answered by Anonymous · 0⤊ 1⤋