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Business & farm
So the Self-Employment ("SE”) tax is 15.3% of 92.35% of net SE income.
The Federal income tax brackets are:
the tax brackets for 2024:
2024 Filing Status: Single, Married Filing Jointly (MFJ), and Qualifying Surviving Spouse (QSS)
|
Tax Rate |
Single Taxable Income Range (2024) |
MFJ and QSS Taxable Income Range (2024) |
|
10% |
Not over $11,600 |
Not over $23,200 |
|
12% |
Over $11,600 but not over $47,150 |
Over $23,200 but not over $94,300 |
|
22% |
Over $47,150 but not over $100,525 |
Over $94,300 but not over $201,050 |
|
24% |
Over $100,525 but not over $191,950 |
Over $201,050 but not over $383,900 |
|
32% |
Over $191,950 but not over $243,725 |
Over $383,900 but not over $487,450 |
|
35% |
Over $243,725 but not over $609,350 |
Over $487,450 but not over $731,200 |
|
37% |
Over $609,350 |
Over $731,200 |
2024 Filing Status: Head of Household (HOH) and Married Filing Separately (MFS)
|
Tax Rate |
HOH Taxable Income Range (2024) |
MFS Taxable Income Range (2024) |
|
10% |
Not over $16,550 |
Not over $11,600 |
|
12% |
Over $16,550 but not over $63,100 |
Over $11,600 but not over $47,150 |
|
22% |
Over $63,100 but not over $100,500 |
Over $47,150 but not over $100,525 |
|
24% |
Over $100,500 but not over $191,950 |
Over $100,525 but not over $191,950 |
|
32% |
Over $191,950 but not over $243,700 |
Over $191,950 but not over $243,725 |
|
35% |
Over $243,700 but not over $609,350 |
Over $243,725 but not over $365,600 |
|
37% |
Over $609,350 |
Over $365,600 |
These are the CA Tax brackets:
CA tax brackets for single filers
|
Tax rate |
Taxable income bracket |
Tax owed |
|
1% |
$0 to $10,412. |
1% of taxable income. |
|
2% |
$10,413 to $24,684. |
$104.12 plus 2% of the amount over $10,412. |
|
4% |
$24,685 to $38,959. |
$389.56 plus 4% of the amount over $24,684. |
|
6% |
$38,960 to $54,081. |
$960.56 plus 6% of the amount over $38,959. |
|
8% |
$54,082 to $68,350. |
$1,867.88 plus 8% of the amount over $54,081. |
|
9.3% |
$68,351 to $349,137. |
$3,009.40 plus 9.3% of the amount over $68,350. |
|
10.3% |
$349,138 to $418,961. |
$29,122.59 plus 10.3% of the amount over $349,137. |
|
11.3% |
$418,962 to $698,271. |
$36,314.46 plus 11.3% of the amount over $418,961. |
|
12.3% |
$698,272 or more. |
$67,876.49 plus 12.3% of the amount over $698,271. |
|
Source: California Franchise Tax Board. |
||
CA tax brackets for single filers
|
Tax rate |
Taxable income bracket |
Tax owed |
|
1% |
$0 to $10,412. |
1% of taxable income. |
|
2% |
$10,413 to $24,684. |
$104.12 plus 2% of the amount over $10,412. |
|
4% |
$24,685 to $38,959. |
$389.56 plus 4% of the amount over $24,684. |
|
6% |
$38,960 to $54,081. |
$960.56 plus 6% of the amount over $38,959. |
|
8% |
$54,082 to $68,350. |
$1,867.88 plus 8% of the amount over $54,081. |
|
9.3% |
$68,351 to $349,137. |
$3,009.40 plus 9.3% of the amount over $68,350. |
|
10.3% |
$349,138 to $418,961. |
$29,122.59 plus 10.3% of the amount over $349,137. |
|
11.3% |
$418,962 to $698,271. |
$36,314.46 plus 11.3% of the amount over $418,961. |
|
12.3% |
$698,272 or more. |
$67,876.49 plus 12.3% of the amount over $698,271. |
|
Source: California Franchise Tax Board. |
||
CA tax brackets for head of household
|
Tax rate |
Taxable income bracket |
Tax owed |
|
1% |
$0 to $20,839. |
1% of taxable income. |
|
2% |
$20,840 to $49,371. |
$208.39 plus 2% of the amount over $20,839. |
|
4% |
$49,372 to $63,644. |
$779.03 plus 4% of the amount over $49,371. |
|
6% |
$63,645 to $78,765. |
$1,349.95 plus 6% of the amount over $63,644. |
|
8% |
$78,766 to $93,037. |
$2,257.21 plus 8% of the amount over $78,765. |
|
9.3% |
$93,038 to $474,824. |
$3,398.97 plus 9.3% of the amount over $93,037. |
|
10.3% |
$474,825 to $569,790. |
$38,905.16 plus 10.3% of the amount over $474,824. |
|
11.3% |
$569,791 to $949,649. |
$48,686.66 plus 11.3% of the amount over $569,790. |
|
12.3% |
$949,650 or more. |
$91,610.73 plus 12.3% of the amount over $949,649. |
|
Source: California Franchise Tax Board. |
||
CA tax brackets for married filing separately
|
Tax rate |
Taxable income bracket |
Tax owed |
|
1% |
$0 to $10,412. |
1% of taxable income. |
|
2% |
$10,413 to $24,684. |
$104.12 plus 2% of the amount over $10,412. |
|
4% |
$24,685 to $38,959. |
$389.56 plus 4% of the amount over $24,684. |
|
6% |
$38,960 to $54,081. |
$960.56 plus 6% of the amount over $38,959. |
|
8% |
$54,082 to $68,350. |
$1,867.88 plus 8% of the amount over $54,081. |
|
9.3% |
$68,351 to $349,137. |
$3,009.40 plus 9.3% of the amount over $68,350. |
|
10.3% |
$349,138 to $418,961. |
$29,122.59 plus 10.3% of the amount over $349,137. |
|
11.3% |
$418,962 to $698,271. |
$36,314.46 plus 11.3% of the amount over $418,961. |
|
12.3% |
$698,272 or more. |
$67,876.49 plus 12.3% of the amount over $698,271. |
|
Source: California Franchise Tax Board. |
||
Note: If your taxable income was $100,000 or less, use the tax table on the California Franchise Tax Board's website to figure taxes owed instead.
So, 30% may or may not be enough. Since you transitioned in May you want to determine what your net SE income is through the end of the third quarter and make a payment to the IRS and the Franchise Tax Board ("FTB") for both the second quarter and the third quarter.
You can go to IRS Direct Pay to make a payment on or before September 16, 2024. You can also schedule the payment today to come out of your account on September 16, 2024. Pay the FTB here: https://www.ftb.ca.gov/pay/index.html
Thank you so much for your question @RaKaha74
Be well and safe!
Marc T.
Turbo Tax Expert
27 Years of Experience Helping Clients
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