What taxes will I pay?

Question

If I make $17,000. in 2007, self employed, married filing seperate, no dependants and have $500.00 interest income, what will my taxes be.

Can my husband claim me on his return?

Answer 1

1. On the self employed income you pay SE taxes at 15.3%. So your social security and medicare taxes on $17,00 are $2,601.
Your federal tax on income of $17,500 is $921.
So your total taxes are $3,522 plus state tax if any.

2. A married person can file only as Married Filing Jointly or Married Filing Separately.

3. Your spouse is never your dependent.

Answer 2

If you are filing a separate tax return, your husband cannot claim you.

Also, by filing separate tax returns, if your husband itemizes, you must itemize as well. You will also lose any possible tax credits by filing separate tax returns.

Are there any specific reasons that you will not be filing a joint tax return?

Assuming there are no deductions related to your self-employed income, you should expect to pay about $2550 in self-employment taxes and about $750 in Federal Income tax.

Answer 3

Your income tax would be around $748 and your self-employment tax, for social security and medicare, would be around $2532, for a total of about $3280. This assumes that your husband takes the standard deduction - if he itemizes, your tax will be around $4000 or a little more.

I assume you have some reason for filing separately rather than filing one joint return for you and your husband. That's the most expensive way to file, and it will almost certainly cost the two of you overall more money that filing joint. And no, he can't claim you on his return.

Answer 4

Your taxes will be approximately 19%.

First figure your taxes filing married - separate, and the figure your taxes filing married - joint, and file what is most advantagous to you.

No, if you file separately, your husband cannot claim you.

Answer 5

And if one of you takes the standard deduction, so must the other.