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If I net about $100,000 how much estimated taxes should I pay?

I'm not required to pay state taxes and I'm self employed. Thanks :) Yes, I could hire an accountant ,but that's not what I'm asking.

3 weeks ago - 4 answers

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So get a 1040 form and the 2009 1040ES and figure it out. 100,000 * .9235 * .153 is 14,130 in SE tax. You get to deduct 1/2 of that from income, so net income is now 100,000 - 7065 - 5700 -3650 = 83585 of taxable income. The tax tables are in the 1040ES booklet. Add that to the $14,130 and you'll see what your tax bill should be....

by the tax lady

3 weeks ago

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Other Answers

Self-employment taxes (FICA / Medicare) = $14k Federal income tax (single, no dependents) = $15k - You can reduce income taxes by deferring income through a SEP-IRA or establishing a "Solo 401k"

by zeuz- 3 weeks ago

"Net" means after taxes.

by jlf- 3 weeks ago

Single? std deduction? Figure around $34,000, total for federal income and self employment tax.

by Judy- 3 weeks ago