How can I figure out my net income for this commision. I will gross around $28,000.00, It will be handled as a commission not a bonus.
2007-03-14 07:20:08 · 2 answers · asked by Joe 1 in Business & Finance ➔ Taxes ➔ Australia
Well if your residence is in Florida, you would be considered a resident there, and to my knowledge Florida does not have State Income Tax on earnings. The question would be where does your company send your commissions and either your W-2 or 1099? If Florida, I don't believe you have a tax liability to the state, only Federal.
2007-03-14 08:01:03 · answer #1 · answered by Sailinlove 4 · 0⤊ 1⤋
Commissions are taxed as ordinary income. The percent depends on your total income (not just the commissions), your filing status, age, dependents, deductions and adjustments.
2007-03-14 14:24:02 · answer #2 · answered by Judy 7 · 0⤊ 1⤋