by responder » Mon Mar 04, 2013 3:29 pm
empty, self employment tax would make these values double (its an entire 15% added on top of the regular calculation, so assuming the roughly $45000 people have the standard deductions, thats roughly .15 of 35,000 which is an ADDED $5200 on top of the regular bracketed calculation. Meaning they would be looking at about $10000 federal total).
To the original poster, your figure is pretty darn good. Most of us in the 40k to 50k area will be hovering around 5k for federal taxes. To others with higher values, it depends on so many other factors, if your married (and how your spouse impacts you), or if you had any other small scholarship go to your school or whatever. I also paid a good bit towards my student loans and I was able to write off that interest to bring my value down a hair.
To everyone not doing estimated payments. YOU REALLLLY should do the estimated payments. It will cost you hundreds of dollars. They forgive you the first year you dont do this, but if you owed more than $1000 the previous year when you filed, you will pay a penalty equal to some random interest rate. Basically the government sees it as money you owe them and have kept it for a year, and want you to pay interest on it since they did not have it for themselves. I ended up making that mistake on my state taxes and it cost me $228. I did estimated payments for my federal luckily because otherwise I would have cost myself far more!
empty, self employment tax would make these values double (its an entire 15% added on top of the regular calculation, so assuming the roughly $45000 people have the standard deductions, thats roughly .15 of 35,000 which is an ADDED $5200 on top of the regular bracketed calculation. Meaning they would be looking at about $10000 federal total).
To the original poster, your figure is pretty darn good. Most of us in the 40k to 50k area will be hovering around 5k for federal taxes. To others with higher values, it depends on so many other factors, if your married (and how your spouse impacts you), or if you had any other small scholarship go to your school or whatever. I also paid a good bit towards my student loans and I was able to write off that interest to bring my value down a hair.
To everyone not doing estimated payments. YOU REALLLLY should do the estimated payments. It will cost you hundreds of dollars. They forgive you the first year you dont do this, but if you owed more than $1000 the previous year when you filed, you will pay a penalty equal to some random interest rate. Basically the government sees it as money you owe them and have kept it for a year, and want you to pay interest on it since they did not have it for themselves. I ended up making that mistake on my state taxes and it cost me $228. I did estimated payments for my federal luckily because otherwise I would have cost myself far more!