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babyxsmile | How much tax will I have to pay back? |
During the summer I had a contract job that did not take taxes out of our paychecks. I asked a co-worker how much we'd have to file back and his reply was, "I'm just not gonna bother filing." I'm sure thats quite illegal and so I'm wondering just how much I'll have to pay back.
My total gross income was around 6300. I live in Colorado and I'm 18 years old. I've heard it's either 25% or 30% of each check, but I need to know for sure. Does anybody know what percentage is taken out of each paycheck or the gross? Or how I could find out?? Thanks. |
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joker_32605
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You will owe self employment taxes of 15.3% on your net income. You get to deduct any business expenses from the $6300 and pay the self employment taxes on the balance. You will not owe any income taxes on the amount you earned because your standard deduction will reduce your taxable income to zero.
You should pay the self employment tax now. It is due quarterly. You should use form 1040ES to make this payment. |
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Judy1
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Yes, your coworker who just isn't going to bother to file is doing something illegal, plus he will most likely get caught and have to pay not only the tax, but penalties also for not filing and not paying. The company you were working for will most likely file the info with the IRS, and they'll be looking for your friend.
You'll owe around $895 for self employment tax (social security and medicare). If you are a dependent of your parents, you'll also owe around $95 for federal income tax - if you are not a dependent, you wouldn't owe that but I'm guessing from your question that you are and your parents can still claim you. You'll also owe a little under $300 to Colorado. If you have a local income tax where you live, that would be extra to this. But in any case it's probably not as bad as the 25-30% you were expecting.
This all assumes that this is your only income for the year. If you had other jobs also, then the answers will be different, particularly for federal income tax. |
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Gem
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This will vary.
As an independent contractor you will need to file Schedule C, and form SE. You will be entitled to write off some expenses, a good tax preparer can help you with that.
Having said that, we can't estimate for you what you will owe as it depends on many things. Are you married, single, head of household? Do you have dependents? Own a home? Credits available for schooling? Your other income also plays a huge part as we have a graduated tax system (which means the more you earn, the more you pay). There are way too many variables to give you an answer that will be even close to the truth.
If that was your only income, you wouldn't end up owing the Feds any income tax, but you still will be subject to the self employment (social security) taxes of 15.3%. Again, this is reduced by legitimate business expenses.
Do yourself a favor and go now (while CPAs are in their slow period) and talk to a tax preparer.
Good luck and let's hope the tax man takes as little as possible. |
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brian c
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It depends on how much you made for the entire year. If your other job(s) are regular and take tax out then your tax obligation for this amount will be less.
Ultimately it will depend on your gross amount you made for the year to determine your tax rate.
If you want to be safe - then hold 25% of your amount in a savings account until you get your taxes done so you don't have to worry about possibly paying any taxes. |
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wartz
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I'll bet you were misclassified.
I have a canned explanation to apparently clueless independent contractors:
Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. The basic issue is the amount of control the employer has over the worker. If you are required to show up for work--personally--at a particular time, punch the clock, use the employers equipment and are paid an hourly rate, you are an employee. If you didn't understand the difference when you posed your question, I would be even more convinced that you are an employee. What is your preference, Slotted or Phillips? Complete an IRS Form SS-8 to get an official ruling on your status. This will help you get unemployment if you get fired. When you file your income tax return, you can attach Form 8919 Uncollected Social Security and Medicare Tax on Wages and only pay the employer's half of social security. You will still have to cough up all the income tax. IRS and the states are stepping up enforcement in the abuse area. |
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K
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You total taxable income is 0 if your parents did not claim you as a dependent. If they do your taxable income could be 950 because of the standard deduction of 5350. And any amount below7825 will tax at 10%. That is the federal tax and I don't know about Colorado had any other tax or not. |
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Pixie
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If you have any questions that are not answered sufficiently in this forum about your tax liability, you can call 1-800-829-1040, which is the tax line with IRS> |
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Pimpin John
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Actually, the amount you indicated is probably not much higher than the standard deduction for the 2008 tax year, so you should owe practically nothing for Federal. State may be different, and I am NOT an expert. At least not in this field [wink] |
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johnsontinaa
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I would try to have about 500 ready, Then at the first of the year go to H and R Block and have your taxes prepared then you will know for sure ,You might not have to pay any thing, |
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