I don't pay state income tax. I have no dependents other than myself. And I don't have deductible expenses. Or any records of chartiable contributions.
2007-04-04 05:59:55 · 13 answers · asked by kate14778912 1 in Business & Finance ➔ Taxes ➔ United States
Roughly 10%. If you have no dependants probably a little higher. Say bye-bye to $1,200-1,500. Sorry....
If that's ALL you made all year, then you may qualify for a lower income tax bracket and maybe even a home heating credit (assuming you live on your own, I don't know your age...)
The you'll probably be down around $500-$800 owed.
2007-04-04 06:03:04 · answer #1 · answered by pancakes & hyrup 6 · 1⤊ 2⤋
Assuming that that is your net self-employment income, you'll owe $1,836 in Social Security and Medicare taxes and about $355 in income tax for a total of $2,191. If you did not make quarterly estimated tax payments there will probably be a penalty and interest for underpayment of estimated tax added on to that.
2007-04-04 06:16:11 · answer #2 · answered by Bostonian In MO 7 · 3⤊ 0⤋
12K gross or net? Either way there should be a floor. In Canada they can't tax you on the first 8 or 9 thousand.
IF you are self-employed, you should be able to claim business expenses provided you have receipts. It also matters as to what form of business you are in.
Check out these resources and brush up for next year.
You may be frittering away hard earned deductions.
IRS
http://www.irs.gov/
Small Business and Self-Employed One-Stop Resource
http://www.irs.gov/businesses/small/index.html
Tax information for individuals
http://www.irs.gov/individuals/index.html
Alternative Minimum Tax (AMT) Assistant for Individuals
http://www.irs.gov/businesses/small/article/0,,id=150703,00.html
Do You Need to File a Federal Income Tax Return?
http://www.irs.gov/individuals/article/0,,id=96623,00.html
Free Tax Return Preparation For You by Volunteers
http://www.irs.gov/individuals/article/0,,id=107626,00.html
1040 Central - What's new this year
http://www.irs.gov/individuals/article/0,,id=118506,00.html
Online Filing
http://www.irs.gov/efile/article/0,,id=118574,00.html
2007-04-04 06:04:02 · answer #3 · answered by $Sun King$ 7 · 0⤊ 2⤋
You still have to file. The IRS will determine what taxes you owe but beside that, you should also be paying into other taxes such as social security etc. If not you will cheat yourself out of money at retirement ( assuming the government doesn't cheat you first.)
2007-04-04 06:03:30 · answer #4 · answered by father of 4 husband of 1 3 · 0⤊ 1⤋
You won't know until you sit down and fill out a 1040 along with a Schedule C. Do realize that you are going to be responsible for paying your own self-employment taxes. I'd like to help if I could. Let me know.
2007-04-04 06:05:37 · answer #5 · answered by msshaden 2 · 0⤊ 2⤋
The easiest thing to do is to call the IRS directly and ask them! They give free advice over the phone and are actually pretty friendly.
2007-04-04 06:03:54 · answer #6 · answered by ? 3 · 1⤊ 1⤋
you may not have state income tax, but you will have federal income tax. So your answer is yes.
2007-04-04 06:08:02 · answer #7 · answered by KUJayhawksfan* 5 · 0⤊ 1⤋
Fill out a 1040 and find out. You only have a few days left to do it anyway.
2007-04-04 06:02:42 · answer #8 · answered by Lisa A 7 · 0⤊ 1⤋
My best guess (and this is JUST a guess) is that you will probably owe them about 3,000 dollars. That's because you have not paid taxes and you have zero dependents.
Cheers
2007-04-04 06:04:11 · answer #9 · answered by Anonymous · 0⤊ 2⤋
get yourself a tax form and tables and fill it out and you'll know.
2007-04-04 06:03:19 · answer #10 · answered by karen i 5 · 0⤊ 1⤋