My cousin wants me to take income of 35k, if that is all I make all year and I have no deductions?

Question

approximately how much taxes will I owe. The money is coming in the form of one 35k check.

Answer 1

what type of income is the $35K? If your cousin gives you a 1099-Misc at year end, then that $35K will most likely be subject to self-employment tax on top of the regular tax. SE tax is 15.3% of 92.35% of SE earnings. If the 35K is SE earnings then you would owe $4945 just on the SE tax alone. You would also owe regular federal tax on that income, and also depending on the state you live in, state income tax as well.

Answer 2

How the money comes to you doen'st make any difference.

Your 2007 Fedral tax would be approximately $5200. That's for an adjusted gross income though, so it will likely be far less than that, since the standard deduction will be $5350, making your actual taxable income $29650. That makes your tax closer to $4050.

None of this accounts for Social Security, or FICA, or State taxes.

Answer 3

As you can see from the answers, the total tax you may pay would be in the neighborhood of $8K - $9K.

Are you giving your relative your SSN so that he can issue a check in your name as a contractor or employee? Be very careful you are not caught up in some scheme that will cost you taxes on money you never received.

I say this because of your question "my cousin wants me to take income". If I am wrong, OK, you will owe the tax as indicated.

Answer 4

You'd pay around $5300 for social security and medicare, and around $3600 for federal income tax, plus whatever state and local taxes you owe.

Answer 5

assuming you pay Federal income tax, and then withhold your own Medicare and FICA, then you will net about 26,000.
then you may still have to pay State taxes depending on where you live.