Calculate my tax please?

Question

Say I make $125,000 as an independent contractor, married filing jointly, 2 dependents and taking the standard deduction,

what can I expect my total tax to be, federal + state (CA) + AMT + self employment tax,

thanks!

Answer 1

As an "Independent Contractor" you would file a Schedule C and deduct your expenses to have earned that $125,000. In doing so you could (should) reduce the gross substantially which would make it difficult to determine your tax liability. You should have a discussion with a tax professional regarding your potential expenses toward that gross income.

Answer 2

I assume that you're saying the $125K is net after business deductions, since you don't say otherwise. If the $125K is gross income, and you have significant expenses, my estimates below could be much higher than your actual tax liability.

Self-employment tax would be oveer $17,000. Federal income tax would be around $18,500. CA would be close to $11,000. So roughly something like $46,500. If you don't report your income and pay your taxes though, you would end up paying much more than that when you get caught, since you'd also pay interest, penalties, and fines, plus possible prosecution.

Answer 3

You're asking for a free answer. I'm a pro and I would not dream of giving an answer with partial data, which is what you have provided.

You get what you pay for. Be careful

Answer 4

See this link for a good free calculator.

http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top

Answer 5

Go to the irs office(they don't bite) and they will do this for you. I charge

Answer 6

Go to www. taxact.com and do it yourself. I charge $$ to do that for people.