Please help with taxes!!?

6 Answers

1. 
   

   
   

   Kurt on Dec 23, 2011 reply

   Your tax bracket will be at 15% if you file single. For a taxable income of 23,000, your total tax will be approximately $ 3,025.

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   MARK on Dec 23, 2011 reply

   You should get an accountant now so you can plan for your finances.

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   a tax lady on Dec 24, 2011 reply

   1040 schedule C showing $ 29,500 and $ 6700 in documented expenses = $ 22,800.

   SE tax on $ 22,800 = $ 2800.
   Income tax on $ 21,400 = $ 1915 (assuming you saved all the money and are a dependent)
   Total = $ 4715.

   If not a dependent (if you aren’t in school, you aren’t): $ 4160.

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   Monk on Dec 24, 2011 reply

   Time to get the appropriate version of TurboTax (depending on company status) and start cranking! Then make an estimated tax payment to the IRS ASAP.

   And by the way, congratulations on a successful year!

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5. 
   

   
   

   Bobbie on Dec 24, 2011 reply

   Single age 19 not going to school full time during the tax year 2011.
   Paid MORE than than 50% of own support for the tax year 2011
   29500 – 6 700 = 22800 Net profit from the schedule C and the SE for the self employment tax 2800
   Federal income Tax $ 1,328
   Total Federal taxes $ 4,129
   And the sooner that you can get the amount paid the less your penalty will be for failing to pay the quarterly estimated taxes as you should have done during the 2011 tax year with the number 4 payment voucher being due by January 17 2012 for this purpose.
   The IRS may send you a bill for the interest and penalties after they finish processing your income tax return during the 2012 tax filing season.

   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 2011. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2012. In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010″ left the existing tax brackets in place through 2012. Please note that this calculator uses the preliminary 2011 tax tables.
   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. 12/23/2011

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

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   tro on Dec 24, 2011 reply

   your Sch C will show $ 29500 income, $ 6700 expenses, net of $ 22800
   your Sch SE will show $ 2800 self employment tax
   on your 1040, the Sch C will enter $ 22800, your Se tax credit is $ 1400, with an AGI of $ 21400
   your personal exemption is $ 3700 and your standard deduction is $ 5800 leaving taxable income of $ 11900
   income tax on that would be $ 1956 and with the $ 2800, a total of $ 4756
   you should have been prepaying this on 1040ES each quarter with the last one due Jan. 17, 2012, if you can pay something with that voucher it will help ally some late paying penalties

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