http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/ Focus CPA Group-(562) 281-1040 Fri, 26 Feb 2010 14:39:02 -0600 http://wordpress.org/?v=abc hourly 1 http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/comment-page-1/#comment-268 Judy Wed, 24 Feb 2010 15:00:47 +0000 http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/#comment-268 are you single? Iof so plan on about 11.76 percent. plus late fees. are you single? Iof so plan on about 11.76 percent. plus late fees.

]]> http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/comment-page-1/#comment-265 Yvett Wed, 24 Feb 2010 15:00:33 +0000 http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/#comment-265 1 If you got 1099 (instead of W2), then it is not your salary income. It is Independent Contractor or self-employment income. 2. If you have work related expenses, then you can deduct those expenses to figure out your net profit. If you have expenses, then you will also file schedule C (form 1040) with your tax return. 3. If possible file before October 15, 2007, which is last date of filing for persons who applied for 6 months extension. But even if you did not apply for extension, use this date. 3. Even if you miss Oct 15, 2007 you must file return to avoid serious problems. 5. From your net income (on 1099) deduct expenses to figure out your net profit. Your net profit ($18,000 less expenses) is subject to self-employment tax at 15.3%. Assuming you don’t have any business (work related) expenses, then on $18,000 the self-employment tax is $2,754. 6. If you are Single, then for federal tax your deduction is $8,750. Your taxable income is $9,750. Federal tax is about $1,030. But you will get Earned Income Credit (if you don’t have any other income) and the federal tax liability will decrease. 7. Then there is CA state tax. Also you owe interest and penalty on both the federal and state taxes. 8. In short, file and pay taxes. Do not delay. 1 If you got 1099 (instead of W2), then it is not your salary income. It is Independent Contractor or self-employment income.
2. If you have work related expenses, then you can deduct those expenses to figure out your net profit. If you have expenses, then you will also file schedule C (form 1040) with your tax return.
3. If possible file before October 15, 2007, which is last date of filing for persons who applied for 6 months extension. But even if you did not apply for extension, use this date.
3. Even if you miss Oct 15, 2007 you must file return to avoid serious problems.
5. From your net income (on 1099) deduct expenses to figure out your net profit. Your net profit ($18,000 less expenses) is subject to self-employment tax at 15.3%. Assuming you don’t have any business (work related) expenses, then on $18,000 the self-employment tax is $2,754.
6. If you are Single, then for federal tax your deduction is $8,750. Your taxable income is $9,750. Federal tax is about $1,030. But you will get Earned Income Credit (if you don’t have any other income) and the federal tax liability will decrease.
7. Then there is CA state tax. Also you owe interest and penalty on both the federal and state taxes.
8. In short, file and pay taxes. Do not delay.

]]> http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/comment-page-1/#comment-267 tacosare Wed, 24 Feb 2010 14:50:37 +0000 http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/#comment-267 MukatA has a lot of good info. But one comment - if you have a dependent child, he's correct that you'll get an Earned Income Credit, but if you don't have a dependent child, you won't. MukatA has a lot of good info. But one comment – if you have a dependent child, he’s correct that you’ll get an Earned Income Credit, but if you don’t have a dependent child, you won’t.

]]> http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/comment-page-1/#comment-266 MukatA Wed, 24 Feb 2010 14:21:45 +0000 http://www.orange-county-accountant.com/how-much-taxes-late-fee-would-you-pay-if-you-report-18000-in-earned-income/#comment-266 Your best bet is to file immediately, regardless of how much you will have to pay. It's better than getting caught later on down the road! Your best bet is to file immediately, regardless of how much you will have to pay. It’s better than getting caught later on down the road!

]]>