My husband and I made over $100,000 last year, have two children. I am self employed bringing in 75% of the income and he gets the taxes taken out. We have quite a few of deductions, but I am wondering an estimate of how much we will have to pay. Does anyone have a similar circumstance. Last year we got back a few thousand, and this year we are in uncharted waters. Thanks!
2007-02-11 12:41:17 · 2 answers · asked by psalmspsalms 1 in Business & Finance ➔ Taxes ➔ United States
Without having any idea of how much "quite a few deduction" are and whether they are expenses of your business or not, it's not possible to even guess how much tax you will owe. Please add some approximate numbers to your question. And how old are the children?
2007-02-11 12:48:18 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If that $100,000 is your net profits after expenses, take a second look at making sure you have taken every legal business expense and deduction possible. It's ok to be aggressive, as long as it is legal and justifiable (and keep every receipt for a long time).
That being said, your federal income tax could be as high as $25K, as low as $15K. I'd be surprised to see it much less than that, after you net out your other personal deductions.
2007-02-11 21:22:32 · answer #2 · answered by Anonymous · 0⤊ 0⤋