2007-02-02 09:52:46 · 9 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Impossible to answer! Don't forget the 15.3% self employment tax.
Filing status?
Dependents?
deductions?
State of residence?
Other income?
Withholding/ES payments?
Business expenses?
2007-02-02 09:56:46 · answer #1 · answered by Dizney 5 · 1⤊ 0⤋
half way there is, yes, about half way there. The calculation she gave is for self-employment tax, but you don't divide it by two - the total is what you owe. You get to subtract half of it from you income before you calculate your INCOME tax, but you pay the full self-employment tax. Then you also have to calculate your income tax - that's in addition to the self-employment tax.
There's no way to answer what your total taxes would be, since your income tax depends on whether you have any other income, your marital status, filing status, dependents if any, deductions and adjustments. If you're single, no dependents, not a dependent, no other deductions or adjustments,and this is your only income, you'd owe somewhere around $1700 or $1800 total. Most of that is self-employment tax.
2007-02-03 18:44:28 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Well lets see---- I have to use a 1099 and I made 8,000 last year, I owe about $1,500 But I also use the long form and deductions which brings mine down considerably to around $500 that I owe because of gas reciets and repairs on my car and mileage also. I use my vehicle for my job and use that for deductions.
2007-02-02 18:05:33 · answer #3 · answered by cbwidow1 2 · 0⤊ 0⤋
I recieved a 1099-misc this year and made $8000 and they wanted just under 600 bucks from me but its gonna depending on deductions and what not
2007-02-02 17:57:34 · answer #4 · answered by bigdaddy1728 1 · 0⤊ 0⤋
www.irs.gov You can e file for free if your income is below 70k
Good estimate is the following, I just did this myself: Take gross multiply by 92.35% and then multiply that amount by 15.3% (.153) and then divide that amount in half, that will be your taxes if this is your gross income.
In your case 9800 * .9235 = 9050.30
9050.30 * .153 = 1384.6959
1384.70/2 = $692.35
Hope this helps, the web site was very easy to follow and helpful.
2007-02-02 18:30:12 · answer #5 · answered by Mawm 5 · 0⤊ 1⤋
It would all depend on all of your other income, if your are married, and what the deductions are.
If that is the only income and your are single then the tax would be about $130.
2007-02-02 17:57:48 · answer #6 · answered by Barkley Hound 7 · 0⤊ 1⤋
Go to TaxAct or H&R Block, and the website will calculate that easier, and better than anyone here could tell you!!
2007-02-02 18:05:23 · answer #7 · answered by joulesofaffection 3 · 0⤊ 0⤋
15.3% of that plus whatever income tax based upon your filing status, etc.
2007-02-02 17:57:34 · answer #8 · answered by Bostonian In MO 7 · 1⤊ 0⤋
That is impossible to answer without more detailed information. Go to H&R Block.
2007-02-02 17:57:20 · answer #9 · answered by Debbie 2 · 0⤊ 2⤋