tech_pants
Member
What is the name of your state (only U.S. law)? California
I'm a new computer repair business. I offer services only and do not resell anything.
I'm also a social security beneficiary. Me my wife and son receive $18,876/year from Social Security disability and SSI benefits. I estimate that my total profit (excluding business expenses) of the "tax year" will be no more than $5,604 from my business. I estimate my yearly business expenses to be no more than $500, including property tax. So I guess I'm looking at 5,604 - 500 = 5,104 for my approximate real income
How do I determine how much to withhold from this income for federal and state ? Which forms do I need for making "estimated" tax payments.
Please do not post links to government websites. I've been to them all and I cannot follow what they're saying. I would very much appreciate someone who know something about this to post.
I'm a new computer repair business. I offer services only and do not resell anything.
I'm also a social security beneficiary. Me my wife and son receive $18,876/year from Social Security disability and SSI benefits. I estimate that my total profit (excluding business expenses) of the "tax year" will be no more than $5,604 from my business. I estimate my yearly business expenses to be no more than $500, including property tax. So I guess I'm looking at 5,604 - 500 = 5,104 for my approximate real income
How do I determine how much to withhold from this income for federal and state ? Which forms do I need for making "estimated" tax payments.
Please do not post links to government websites. I've been to them all and I cannot follow what they're saying. I would very much appreciate someone who know something about this to post.