nor was social security dedecuted. I just found out and yelled at this person for allowing this. I told this person the bill would be significant.
Person is a NYC resident. How much will this perrson have to pay to NYC, NY State and US Treasury if total income was 13,500?
2007-02-07 10:10:56 · 6 answers · asked by Legandivori 7 in Business & Finance ➔ Taxes ➔ United States
take it to a tax guy and he can help you
2007-02-07 10:19:10 · answer #1 · answered by dotdotdot 5 · 0⤊ 0⤋
Was this a Form 1099? If so, and you are not an "employee" they did nothing wrong.
If you are an employee, instead of an independent contractor, the W-2 would HAVE to have SS & MC taken out. The feds already know.
The taxpayer had to have know all along that no taxes were being withhold so stop yelling. It's his fault if there are taxes due, along with penalties for not paying estimated tax payments.
2007-02-07 18:31:22 · answer #2 · answered by Dizney 5 · 0⤊ 0⤋
The person was paid as an independent contractor. They must pay Self Employment tax of 15.3% on the net profit from the business activity. The Block tax estimator shows about $2,318 due for Federal. State and City taxes would have to be added to that. There will possibly be penalties and interest for underpayment of estimated taxes.
2007-02-07 18:24:26 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
This person should file his taxes as soon as possible, so as to know how much he owes, you didn't say if he had a family to consider dependents, which would lower his debt, anyway, he should be able to make a payment schedule with the government.
Wishing your friend the best of luck.
2007-02-07 18:17:58 · answer #4 · answered by Grannydebbie 3 · 1⤊ 1⤋
even if no tax was taken out if your income was over $400 you MUST file or the irs eill audit you
2007-02-07 18:22:59 · answer #5 · answered by karen g 1 · 0⤊ 3⤋
It would depend on if he had any dependents or deductions. www.shaydzofluv.com
2007-02-07 19:11:24 · answer #6 · answered by shaydzofluv 2 · 0⤊ 0⤋