If I'm an individual IT consultant and I make 200k a year and I file individually, how much will I pay in taxes (federal and state)? Live in NJ, commute and work in New York City - only one job. Assume no deductions. Thank you.
2007-03-22 15:15:11 · 4 answers · asked by Sizzle 2 in Business & Finance ➔ Taxes ➔ United States
I want estimates because I have the opportunity to take a job for that much. I wanted to see if it's worth it vs. my salary job.
2007-03-22 15:35:48 · update #1
Fed Income Tax: $52,592.
SS Tax: $11,681.
Medicare Tax: $5,800
NJ State Tax: $12,740
NY State Tax: $14,750
Use the higher of the two state tax levys.
Grand total: $84,823
This assumes that you are a self-employed individual. If you're a W-2 employee, cut the SS and Medicare taxes in half and adjust accordingly. Your individual tax situation will alter these numbers. This does not account for possible AMT treatment.
2007-03-22 15:38:22 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Why don't you look in the back of your 1040 instruction book. If your an independant consultant your pretty much f***d if you haven't been making estimated payments all year on the quarters. You are gonna have to pay penalties. Of course if you have an employer (gave you a w2 form) you don't have to file quarterly estimates. But you should have received your w2 forms & know pretty much how much you have paid over the yr.
If you are pretty bare bones download taxact. It's free. It just charges for state (which is a ripoff, you just take the #'s off your 1040). & any other forms you have to file.
+ if you are an independent, do a few deductions. You are gonna get slaughtered! Think 33% tax bracket! Be cheap ... your gonna need it.... get the jd lassiters tax book 06 & how to pay zero taxes. & learn how to protect your assets. If your smart enough to make that much certainally your smart enough to pick up a book or pay $ for a tax planner. Not preparer, planner. A planner figures out how to keep your $.
2007-03-22 22:32:14 · answer #2 · answered by low_on_ram 6 · 0⤊ 0⤋
Presumably about 60% (federal).
State, if it is like here in Canada, the Provinces generally take 3-6% to start, and scale-up. In your case, you'd probably see another 15%+/-
2007-03-22 22:24:23 · answer #3 · answered by jcurrieii 7 · 0⤊ 2⤋
With no write off????
About $88,000.
2007-03-22 22:18:31 · answer #4 · answered by SomaSoma 2 · 0⤊ 0⤋