How to calculate taxes owed...

[Same_sht_DD]

What is the name of your state?What is the name of your state?FL

OK..This post is for my sister who has no internet access.

She has been working all year as an "independent contractor". As such she never has had taxes, state or federal, taken out of her checks. The company is supposed to file a 1099 on her at the end of this year.

She would like to know if there is a base rate for federal or state taxes owed. (depending on what she made).

She has made approximately 30,000 this year. (so she says)

Is there a website of such to calculate her taxes owed?

I know this question may be a very vague and that depending on what she is doing.... depends on what she can consider as "write offs", which will definitely affect the outcome.

Silly girl goes after every "get rich quick" scheme she can find!

Thanks for any help you can provide.

 

[abezon]

Hey, if she made $30,000, she did way better than most get rich quick dream chasers.

We need to know her other income, filing status & # dependents to give you a good answer. Assuming no other income, no expenses (yeah, right!) & no dependents, her taxable income will be $22,000. Income taxes will be $2,935 & her employment taxes will be $4,239. Hope she saved either expense records or $$. Ideally both.

AGI = net profit from business
TI = AGI - $8,000
income tax = (TI x .15) - $365
Employment taxes = net profit x .9235 x .153

 

[Same_sht_DD]

Hey, if she made $30,000, she did way better than most get rich quick dream chasers.

We need to know her other income, filing status & # dependents to give you a good answer. Assuming no other income, no expenses (yeah, right!) & no dependents, her taxable income will be $22,000. Income taxes will be $2,935 & her employment taxes will be $4,239. Hope she saved either expense records or $$. Ideally both.

AGI = net profit from business
TI = AGI - $8,000
income tax = (TI x .15) - $365
Employment taxes = net profit x .9235 x .153

Thanks for your reply.

I think she thought this would be more lucrative, but I really don't think this is bad money.

OK...She is single..no kids..and she told me tonight that this is supposed to be a "phone sex" thing....so I don't know if a phone bill will be a "write off".....But that is about it.

As far as her living arrangement...She lives with our Mom and doest pay squat.. (except rent to my mom in the amount of $300/month )..but the phone is in her name.

No other income that I know of.