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Self employed
Thank you!
So if I expect to bring in gross $80,000 and have $20,000 in expenses, then I could do a simple estimate for $60,000 and not worry about all the "joint" information (real estate taxes, child deductions, spouse income/taxes, etc...). Correct?
Using the TT tax caster, I really do not understand the numbers. Using $60000 as net income, there are all kinds of deductions, etc... I do not know if this would include both federal and self employment taxes... My taxable income has to be higher than $23K
Estimated amount owed
-$10,932
Estimates change as we learn more about you
Income
$60,000.00
- Deductions
$36,112.00
Taxable income
$23,888.00
Marginal tax rate
12%
Total Federal tax
$10,931.73
- Credits
$0.00
- Payment/Withholdings
$0.00
+ Alternative min. tax
$0.00
+ Additional taxes
$8,477.73
‎August 30, 2023
1:18 PM