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View Full Version : How much TAX do I owe?


Guardian
03-18-2002, 06:43 PM
Lets say last year I grossed $75,000 with a net of about $40,000. And last year we were still sole prop. We paid estimated thru the year. Married/4

What would you expect to owe? (ballpark)

65hoss
03-18-2002, 06:52 PM
Ballpark -- Wrigley Field


I would say you better get a CPA involved. With deductions, mileage, insurance, cost of biz, wife, kids, etc. there is no way to know this.

jaybird24
03-18-2002, 07:01 PM
Yeah definitely get an accountant. I run quik books pro and that pretty much breaks it all down for me, but with all the laws and such I never have a clue what I owe. Usually they can even help you save more than what they charge anyway.

bruces
03-18-2002, 07:16 PM
Originally posted by Guardian
Lets say last year I grossed $75,000 with a net of about $40,000. And last year we were still sole prop. We paid estimated thru the year. Married/4

What would you expect to owe? (ballpark)

Impossible to have a clue. Have to know personal deductions, other income, etc. Get to your tax preparer.

You can probably count on at least 15% income tax, 15.3% self employment tax, plus whatever your state tax rate is if this is all you have.

RYAN
03-18-2002, 07:29 PM
I think I may be in somekind of the same ballpark. I paid $10,000 federal. I do not have any kids though, And my wifes income may of may not have had an impact. I would use my numbers give or take a couple grand.

Kent Lawns
03-18-2002, 07:34 PM
Taxes are simple. (You just need to abide by the 3,741 laws)


Take what you earned.
Subtract your deductions.
Pay tax on the rest.

And hire a CPA to walk you thru the process.

Guardian
03-18-2002, 07:45 PM
I have an accountant. I use quickbooks PRO.

I just found out from my acct how much I owe. I thought I may owe $2000-2500. Based on last years numbers. He says I owe $6200 this year. Seems a little high

I think its that damn 15.9% self Empl tax

$6200 hurts

KDJ
03-18-2002, 07:56 PM
Originally posted by Guardian
I have an accountant. I use quickbooks PRO.

I just found out from my acct how much I owe. I thought I may owe $2000-2500. Based on last years numbers. He says I owe $6200 this year. Seems a little high

I think its that damn 15.9% self Empl tax

$6200 hurts


You should be glad we don't have state tax. ( yet )

Kent Lawns
03-18-2002, 08:42 PM
One of the advantages of being incorporated is that you can take half your net in salary (and pay the 15.3%) and the other half in dividends (and pay only income tax on that portion.)

sheppard
03-18-2002, 09:36 PM
I say again! Incorporate!

Specifically S Corporation. Always makes better sense to do this financailly than going S.P.

Still will need a CPA however. They should save you a bundle.

Cordially,
Sheppard

Kent Lawns
03-18-2002, 09:44 PM
Read before posting.

thelawnguy
03-18-2002, 10:09 PM
Go to the IRS website, download form 1040 with instructions and fill out the form.

If you're big enough boy to run your own business you should be big enough to follow simple directions and figure your own tax liability. At least a rough guesstimate. If that fails buy yourself a tax computation software application.

Guardian
03-18-2002, 10:31 PM
Did you know theres a deadline on filing Sub chapter S?

It was Friday.

Charles
03-20-2002, 04:25 PM
How much will you owe? If you are like the rest of us you will owe alot more than you can afford. You can write off everything but your last name and you will still come out in a mfing hole. You can either stay broke buy alot of equipment and using it as write off or you can stay broke paying your taxes. Either way we are being screwed to the max.
I just got my returns finished by an accountant and I owe 2000$$ more than I thought I would. I thought I wrote off enough crap to come out pretty good this year but nooooo.
I know I need to pay some money into social security. But I would feel better about paying into it if our stupid government was managing it better. One day they say its going bankrupt and then they say they are going to fix it. Well who the f knows.
All I know is alot of big corporations pay no taxes while us small businesses get the shaft

RYAN
03-20-2002, 06:52 PM
I owe one thousand more than I thought I would also. I don't have the money right now but I will figure something out i
guess. Still pisses me off

bridges
03-20-2002, 08:04 PM
I thought it was just me.

I owe $1,600 for last year, I thought my 4 payments of 750 was more than enough.

Now the payments for this year is 1,100 X 4 payments.

I'm going to have to find a second job to pay these taxes.:angry:

What the heck are we to do?

And they only want to $10.00 for a lawn cutting. What is up with these people:confused:

Charles
03-21-2002, 09:49 AM
I spent the whole night tossing and turning. It took me awhile to go to sleep to begin with. Let me see. If I cut my cable off, cut my telephone services and do I really need a cell phone? Maybe sell my home and move into a box would do the trick. Cancel my health insurance and cut the thermestat down to 40 degrees. Maybe, just maybe if I do all these things I will be able to afford to pay my taxes.
On top of all this we were paying $1.50 for a gallon of gas most of the summer last year.
I hate to be negative but I don't see much positive in this situation.
Oh ya, we do get to work outside:cry: :D