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Asked by: ubinas
MadMan on Nov 28, 2012
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Bobbie on Nov 28, 2012
Self employment income schedule C and the SE of your 1040 income tax return to determine your self employment tax social security and medicare tax on your net profit amount of 48000.
MFJ both age 25 under age 65 lived in US more than 6 months during the 2012 tax year. 2 exemptions for my guesstimate.
Your federal taxes are estimated at $ 8,792. SE TAX and FIT amounts for the 2012 tax year.
This is 18.32% of your total income of $ 48,000. Your total tax payments and refundable credits for the year were $ 0. Your outstanding tax bill is estimated at $ 8,792. Your income puts you in the 15% tax bracket.
Hope that you find the above enclosed information useful. 11/28/2012
tro on Nov 28, 2012
if this is wages your non taxable income is $ 19500 filing married jointly
that leaves $ 28500 taxable and probably around $ 3000 income tax
how much has been withheld from your paychecks?
if this is self employment, at least self employment tax of approx. 13.3% of your Sch C net and the income tax on the $ 48000, probably close to $ 5000
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