So, let’s start with 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
|
If your filing status is single the standard deduction would be $14,600 for tax year 2024. So, your taxable income is approximately $60,000 for the W-2 income only. This is approximately $8,250 in taxes, which means that with the $9,400 withheld you would be due about a $1,150 refund.
So, I am assuming that earnings equate to net Self-Employment ("SE") income for the third quarter that ends on August 31, 2024. Net income is earnings less expenses.
If the net SE income is $3,000 then SE tax is 15.3% of 92.35% of SE income. So, the SE tax on this is approximately $425. The income tax on this net SE tax is approximately $660.
You do want to refine all your numbers, but you appear to be in good shape for the third quarter based upon what you wrote.
Thank you so much for your question @jewlz1
Be well and safe!
Marc T.
Turbo Tax Expert
27 Years of Experience Helping Clients
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