how do I calculate taxes on operating income?

Answer 1

Your question is too vague for a complete answer.

Assuming that you are self-employed you'd file Schedule C or C-EZ with your Form 1040 return to calculate the net profit from the business activity. The net income goes to the Form 1040 to calculate the income tax and Schedule SE to calculate the Self-Employment tax (15.3% of 92.35% of the net profit) which then is added to the income tax on the Form 1040.

If this doesn't fit your situation, provide more details and you'll get a better answer.

Answer 2

That is really not worded in a great detailed to get a good answer. You can go to the IRS website at www.irs.gov and there is loads of information on small business, self employed and such. My son is self employed and so far in the last 5 years has little if no taxes paid at year end. He can deduct things on his tax return that I cannot as an employee of a company. So it will depend on your situation, your employee status, how much you expect to make, if you have made estimated tax payments during the year, and how much expense you have compared to income. Turbo Tax is a GREAT thing to have. You don't have to think, it does it for you, ask you all the question, even about things you might not have thought about. Good luck!!!!!!!!

Answer 3

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Answer 4

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