hypothetical taxes

[zombiezoo]

new to taxes but say i made 100K for 2009 and spent say 20K in advertising and other expenses. Assume i am just a SP or LLC.

How much federal income tax approx would i owe for the year????

 

[flysarescary]

srsly? why dont you just do your taxes?

 

[justo_tx]

However much a CPA told you you owed.

Conversely, you could take the advice of some jerk off here on WF and we could all get a good laugh when you come back and complain that you got fucked by the IRS for not paying enough or you got fucked by the IRS for paying too much.

 

[identity_00]

20 something.

 

[cheezile]

about tree fiddy

 

[megatabbers]

However much a CPA told you you owed.

Conversely, you could take the advice of some jerk off here on WF and we could all get a good laugh when you come back and complain that you got fucked by the IRS for not paying enough or you got fucked by the IRS for paying too much.

This. However you can use an online calculator to get a ROUGH ballpark estimate: Tax Brackets (Federal Income Tax Rates) 2000 through 2009 and 2010

80K would = 16,188 in federal taxes. Of course, there's usually a standard deduction of 5K or so for single filers. Then there's 15.3 Self Employment tax on the first 102,000 or so, and another X% for state tax depending on the state you live in.

 

[JohnnyUtah]

32% of your net income is a general rule of thumb but go talk to a CPA, they'll save you a ton!

 

[miketpowell]

It's gonna be much higher then you thought because of the 15.3 SE Tax. You could easily be owing almost 30k in taxes just on federal.

 

[Unarmed Gunman]

You will owe $21,572.67 exactly.

 

[eliquid]

i dont really calculate it.. i just put back 50% of my profit every month into a savings account and pay taxes from it.. yeah I end up having money left over, but thats just a buffer.

 

[kingfish]

About $24k prolly.

 

[Mikesev]

noob Brit question... you have to pay tax for being self employed? wtf?