I am a SAHM childcare provider and I pay taxes on my income... my total income for 2007 is 12650. I live in the state of missouri and my husband and I will be doing married filed seperately.... anyone have any idea how much i am going to owe. I am not using reciepts for deductions or anything....
if you can give me an idea that would be great thanks
2007-12-27 08:33:37 · 4 answers · asked by M. C 2 in Business & Finance ➔ Taxes ➔ United States
Use this calculator.
http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top
2007-12-27 08:37:36 · answer #1 · answered by spicertax 5 · 0⤊ 0⤋
If your husband is claiming your child or children, you'd owe around $1787 for self-employment tax plus around $375 for federal income tax if he doesn't itemize, or $1000 if he itemizes and you don't have any itemized deductions on yours - when you are married filing separately, if one of you itemizes, the other can't take the standard deduction. So your total owed will be somewhere between $2200 and $2800.
If you are running an in-home daycare, I'd think you'd have some deductible expenses - toys, equipment and food for the kids you are watching (not your own kids) - listing those and their costs could reduce your taxes.
2007-12-27 17:38:40 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Just for the heck why not also fill out a return using the "Married Filing Jointly" filing status and see what will give you the best return. Married Filing Separately is usually the least desirable filing status to use in a lot of situations.
2007-12-27 19:30:29 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
Let's see, you both use the standard deduction, no kids, nothing else...
SE income of 12650. SE tax = $1800.
$12650 - $5350 - $3400 -$900 (1/2 of se tax)= $3000.
Income tax @10% = $300.
Total tax $300 + $1800 = $2100.
2007-12-27 16:57:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋