Welcome Guest. Sign in or Signup

3 Answers

Approximate taxes on $150,000 income?

Asked by: 279 views Finance - Taxes

Hi I am 20 years old and a full time student. I started my own internet business a little over a year ago and in 2011 did very well and profited around $ 150,000. I am seeing an accountant because I am worried if I try to do my taxes myself or with a program like turbo tax I will do them wrong or make a major mistake. I am curious a really rough guess of how much I will have to pay in taxes? I am guessing around 30% from talking with people but wanted to see if some of the people who are more experts in tax on here had any more accurate predictions. If it matters here is some additional info: I am a full time student out of state and pay for my own tuition and living expenses. I live in California and am a resident of California although I go to school out of state. Thanks.

How Others Found Here:

  • what s the approximate tax on 150000
  • 150 000 tax bracket
  • what is tax bracket for 150000

3 Answers



  1. Bobbie on Dec 12, 2011 reply

    And you do have to sign the completed tax return where the below statement is included for your use at this time in your life.
    Under penalties of perjury, I declare that I have examined this return, and to the best of my knowledge and belief, it is true, correct, and accurately lists all amounts and sources of income I received during the tax year.
    Your signature Date Your occupation Your federal taxes are estimated at $ 45,665.
    This is 30.44% of your total income of $ 150,000. Your total tax payments and refundable credits for the year were $ 0. Your outstanding tax bill is estimated at $ 45,665. Your income puts you in the 28.00% tax bracket.
    You will have to go to the Ca FTB website to find the state income tax estimator for this purpose.

    Go to the http://www.irs.gov at the website using the search box for 1040ES and then go to page 6 also has the 2011 Tax Rate Schedules and page 7 has the estimated tax worksheet available for your use also.

    http://www.irs.gov/pub/irs-pdf/f1040es.pdf

    Self-Employment Tax and Deduction Worksheet for Lines 1 and 11 of the Estimated Tax
    Worksheet page 6 of the 1040ES form for this purpose
    2011 Estimated Tax Worksheet Keep for Your Records
    1 Adjusted gross income you expect in 2011 (see instructions) . . . . . . . . . . . . . 1 $ $ $
    2 • If you plan to itemize deductions, enter the estimated total of your itemized deductions.
    • If you do not plan to itemize deductions, enter your standard deduction from page 2. } 2
    3 Subtract line 2 from line 1. . . . . . . . . . . . . . . . . . . . . . . . . 3
    4 Exemptions. Multiply $ 3,700 by the number of personal exemptions . . . . . . . . . . . . 4
    5 Subtract line 4 from line 3. . . . . . . . . . . . . . . . . . . . . . . . . 5
    6 Tax. Figure your tax on the amount on line 5 by using the 2011 Tax Rate Schedules on page 6.
    Caution: If you will have qualified dividends or a net capital gain, or expect to exclude or deduct foreign earned income or housing, see chapter 2 of Pub. 505 to figure the tax . . . . . . . 6
    7 Alternative minimum tax from Form 6251 . . . . . . . . . . . . . . . . . . . 7
    8 Add lines 6 and 7. Add to this amount any other taxes you expect to include in the total on Form
    1040, line 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 $ $ $ $ amount of TAXABLE INCOME

    http://www.bankrate.com/finance/taxes/2011-tax-bracket-rates.aspx

    http://www.dinkytown.net/java/Tax1040.html

    Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2010. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2011. Please note that this calculator uses the finalized 2010 tax tables and includes tax law changes passed as part of the “Tax Hike Prevention Act of 2010″.
    You probably can find a estimated tax for your state income taxes by going to your state income tax department website and use the search box for estimated tax calculator at that time in your life.
    I would hope that you do find the above enclosed information useful for your situation and good luck to you with this matter. 12/11/2011

    0 Votes Thumb up 0 Votes Thumb down 0 Votes



  2. Norman on Dec 12, 2011 reply

    I would guess $ 20,000 for self-employment, $ 33,000 Fed, $ 8400 State.

    A few more items, you should have been making estimated tax payments throughout the tax year. If you didn’t you may be penalized.

    If you are in college, there are education credits that you may be eligible for. Be sure and mention this to whoever prepares your tax.

    You may be able to establish a SEP-IRA for yourself. Contributions to a SEP can reduce your tax bill and save for your retirement. Mention this to your preparer too.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes



  3. a tax lady on Dec 12, 2011 reply

    Fortunately for you, it appears you had no income in 2010 so you won’t be liable for the estimated tax penalty.

    If you are this successful this year, you need to make quarterly payments or you will owe roughly $ 2000 in penalty.

    0 Votes Thumb up 0 Votes Thumb down 0 Votes


Answer Question