how much taxes do i need to get out of my check for taxes?
2007-03-13 08:18:14 · 3 answers · asked by newbie 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
i only make $160 week which makes $640/month.
2007-03-13 08:30:15 · update #1
oh and i am in texas and a resident alien..anyone? help me
2007-03-13 08:31:00 · update #2
At that amount of income, you very possibly won't owe any income taxes. But since it's self-employment income, you have to file a return and pay self-employment tax, which will be around $1200.
2007-03-13 09:15:57 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
If you take out 20-25%, you should be able to get some back in a refund. You might not owe anything, though, if that's the only money you make all year.
A helpful thing is to pick up a copy of Turbo Tax (around $20) and plug your numbers into there and see what comes up. In other words, if you make $160 a week, and that's all the money you're expecting to make all year, just multiply that by 52 and enter that as income. It'll tell you how much tax you'll owe for the year.
2007-03-14 03:54:02 · answer #2 · answered by Neil 2 · 0⤊ 0⤋
Your tax rate depends on what your net income for the entire year is. The percent can range from 10 to 35 percent.
2007-03-13 15:27:51 · answer #3 · answered by Barkley Hound 7 · 0⤊ 1⤋