How much would I be expected to pay IRS if I don't have taxes withheld from paycheck?

Question

I earn about $1,197 a month. An estimate would be great!
I'd like to get an idea when the new year comes up. I know I should consult an accountant or CPA but the question is bothering me right now and since it's late, no CPA would have their office open right now! I will consult with a CPA but I'd like to know out of curiosity right now. Thanks for your help!

Answer 1

I assume that since taxes are not taken out, you are working as an independent contractor. You don't give nearly enough info, but if you are single and not a dependent, you'd owe around $563 for federal income tax, plus around $2030 for self-employment tax for social security and medicare. Depending on where you live, there will probably also be state income tax and maybe local tax. So figure around $2600 for the feds, plus whatever your state and local taxes are.

If you are working as an employee and they're taking out for social security and medicare, but you filled out your W-4 with a number of allowances that doesn't have taxes taken out, then you'd owe the $563 federal income tax plus state and local.

Answer 2

It's a moot point as it's not an option. But if you want to know, look at your pay stub. Add up the withholdings and multiply that by the number of pay periods in the year. Now subtract last year's tax refund and you'll have a really close idea what it would cost you. THAT is why taxes are withheld from your paycheck. If you're like most people you wouldn't have that much money lying around on April 15th.

There, I just saved you a $60 consultation fee.

Answer 3

I can't give you an amount, but its really stupid not to
have withholding taken out of your check. The IRS can
hit you with penalties when you do your taxes if you haven't
paid enough of your taxes thru withholding. And if you don't
file your taxes and they catch up with you, you not only owe
for all the taxes, but also penalties and interest (and they
charge a lot) And they can put a freeze on your bank
accounts or just empty them. So go to your employer and
get a form for your tax withholding and don't take 0
deductions, if its just you, take 1-its better to get a little
back than to have to scramble around asking for loans to
pay your taxes (or like one of my friends did, sold her stuff
off for very little cause she was so desperate for money to
pay her taxes) The IRS is not something to mess around with.