i live in florida and i guess i can only claim 1. single no children. i'm a mortgage broker so i usually have larger paychecks that aren't on the week to week basis. half of 2006 i was getting 1099 checks and the other half i got w2 checks. the w2 has 26,833 in total income and they took out $5,424 federal and $1663 S.S. my 1099 came to $28,128 so a total of $54,961 for 2006 income. i don't really have any write-offs. maybe mileage and gas and some advertising, ($1,500).
how much more will i owe in taxes? i'm seeing my accountant on wednesday. lets see who is the closest!!!!!!!!
2007-03-12 08:24:24 · 4 answers · asked by aemerson82 1 in Business & Finance ➔ Taxes ➔ United States
I would try to find more deductions if I were you. Are you sure you only had $1500 in expenses?
On the 1099, is the income reported in Box 7. I assumed it was which would mean filling out a Schedule C for self-employment.
Based on what you listed I am showing you will owing $5647 plus a possible penalty (Form 2210) based on last years tax return.
Update...
Breakdown to see how I got the end result:
Total income: $53,461
One half self-employment tax: $1,881
Adjusted gross income: $51,580
Taxable income: $43,130
Tax from tax table: $7,339
Self-employment tax: $3,762
Total tax: $11,101
Total payments: $5,454 (assuming $30 phone excise tax credit)
Amount due: $5,647 plus possible penalty
2007-03-12 08:55:16 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋
I used H & R Block's tax estimator. I came up with $5678. I recommend you sit down with a tax expert to figure out what you can deduct especially during the time that you had the 1099 income there will be a significant amount of expenses that may be available to you and can change this number drastically. I assume that you drove your own vehicle for work but as a 1099 employee you can usually write off all your miles. Also did you use an area in your home for an office to meet clients or work on mortgages, this may be deductible.
Lastly I remind you that an accountant only does taxes part of the year and that isn't always the focus of their expertise. Please choose wisely and get the best "tax" knowledge you can get. I just moved from a private CPA firm to H & R Block this year. Even with my prior experience I had to tax 4 months worth of training before H & R would hire me to prepare taxes. Not all companies have these kind of requirements. I am proud to say we are the best in the business and I know why now.
2007-03-12 16:20:19 · answer #2 · answered by misskenzie12 2 · 0⤊ 1⤋
I come up with $3762 in self-employment tax, plus $7714 income tax, for a total of $11,476. With $5424 withheld, plus the $30 phone excise tax credit, the amount you'd still owe would be $6022 plus underpayment penalties.
2007-03-12 21:05:14 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
u can calculate & file free online, no need to pay accountant
2007-03-12 21:59:01 · answer #4 · answered by Anonymous · 0⤊ 2⤋