Questions Regarding my 1099 TAX form?
Questions Regarding my 1099 TAX form?
I want to present a hypothetical situation
1. Lets say i earn 15$ an hour
2. Lets say i earn $10,000 a year (gross)
3. I do not pay for rent
4. I am a student in college
5. I am a resident of NEW YORK
Approximately how much of the 10,000 Dollars would remain after Tax done by 1099
10 points for best answer? :D
Answers:
Chosen Answer
ernesthinton: $15.00 an hour for 2,080 hours = $31,200.00 Wages +$10,000.00 X 13.65% $1.365.00 = $41,200.00 Gross Income -$5,450.00 Standard Deduction = $35,750.00 - $3,500.00 Personal Exemption = $32,250.00 Taxable Income $4,440.00 Income Tax +$1,365.00 Self Employment tax = $5,805.00 Total Tax Your question was ambiguous. Do you earn $15.00 per hour or is the $15.00 per hour part of your $10,000.00 Confused if it is, then $10,000 - $5,450 = $4,550.00 - $3,500.00 = $1,050.00 Tax = $106.00 + $1,365.00 = $1,471.00 total tax $10,000.00 - $7,500.00 (NYS standard deduction) - $1,000 exemption = $6,500.00 = $261.00 NY State Income tax $1,471.00 Federal Income Tax + $261.00 State income tax = $1,732 $8268.00 is left, I did not do a city of New York Tax which should be -$132.00 =$8,136 Balance left out of $10,000
2009-04-01 19:37:39
ernesthinton: $15.00 an hour for 2,080 hours = $31,200.00 Wages +$10,000.00 X 13.65% $1.365.00 = $41,200.00 Gross Income -$5,450.00 Standard Deduction = $35,750.00 - $3,500.00 Personal Exemption = $32,250.00 Taxable Income $4,440.00 Income Tax +$1,365.00 Self Employment tax = $5,805.00 Total Tax Your question was ambiguous. Do you earn $15.00 per hour or is the $15.00 per hour part of your $10,000.00 Confused if it is, then $10,000 - $5,450 = $4,550.00 - $3,500.00 = $1,050.00 Tax = $106.00 + $1,365.00 = $1,471.00 total tax $10,000.00 - $7,500.00 (NYS standard deduction) - $1,000 exemption = $6,500.00 = $261.00 NY State Income tax $1,471.00 Federal Income Tax + $261.00 State income tax = $1,732 $8268.00 is left, I did not do a city of New York Tax which should be -$132.00 =$8,136 Balance left out of $10,000
2009-04-01 19:37:39
gaza: Your tax would be $ 1,003 filing single. There is no such thing as "how much will remain:.
You must be using a "hypothetical" , it would be $7997.00. net to you
You could have a problem here. True 1099 income means you are not employed with the company, you don't have a day to day schedule, and you don't receive benefits. Is this you??
If so, you should have been given a W-2 showing the amount of tax withheld and FICA.
Some companies try to get around the "employee vs employer relationship" because is saves them money. They don't have to match the FICA wages.
2009-04-01 19:50:40
2009-04-01 19:50:40