I am wanting to claim 60,000 in total earnings. I was wondering how much I would have to pay in. I am not head of household I go to school, I have one child, and I live in Indiana. I want to know an estimate of what I will be paying in to state and federal taxes. I am also wondering if they do this in monthly installments if I don't have the finances right away. If so how much?
2007-12-31 08:35:38 · 6 answers · asked by Scarlet 2 in Business & Finance ➔ Taxes ➔ United States
What do you mean you are "wanting" to claim $60,000 in total earnings? Do you have a choice and what would be the source of this income?
2007-12-31 08:45:45 · answer #1 · answered by RANDALL M 3 · 1⤊ 0⤋
Is the 60K income from a job as an employee, or from self-employment? If it's from a job, and you are filing single, if the child is your dependent, your federal income tax would be around $8400, minus $1000 if the dependent child is under 17. If your income is from self-employment, add self-employment tax (social security and medicare) of around $8500.
You might also be able to take an education credit for part of your tuition and fees.
If you can't pay all that you owe, file on time anyway, since that will save you from late-filing penalties. The IRS will set up a payment plan for you, with interest of course.
2007-12-31 17:27:36 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
most taxes come straight out of your winnings. Depending on what kind of winnings it is it could be up to Half of the prize monies. You should contact a lawyer.
2007-12-31 16:40:45 · answer #3 · answered by cherokee_7563 2 · 0⤊ 2⤋
figure 25%.
2007-12-31 16:38:55 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Go to a tax preparer.
2007-12-31 16:38:25 · answer #5 · answered by ♥ тнє σяιgιиαℓ gιяℓfяι∂αу ♥ 7 · 0⤊ 0⤋
According to this calculator, http://www.expenseregister.com/Home/calculators/taxCalculator/taxCalculator.php , your tax is $8385.
2008-01-03 16:37:19 · answer #6 · answered by ssi1111 2 · 0⤊ 0⤋