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Started By
Message
Tax question on extra income
Posted on 10/15/17 at 9:37 pm
Posted on 10/15/17 at 9:37 pm
So I made approximately 15k extra this year on extra jobs which is not taxed; what percentage should I expect to pay from that?
7
Posted on 10/15/17 at 10:08 pm to Tigeralltheway
Probably whatever the highest rate is. So if your AGI is $55k and you made an extra $15k, then that would be taxed at the 25% rate, because your total is now $70k and falls in the 25% rate.
If SS wasn't held out and this is self-employment, then you will pay your share and the employer's share of SS. That's gonna suck. That's like another 12 percent.
If SS wasn't held out and this is self-employment, then you will pay your share and the employer's share of SS. That's gonna suck. That's like another 12 percent.
Posted on 10/16/17 at 6:20 am to cfa626
15.3% for FICA
Posted on 10/16/17 at 7:23 am to Tigeralltheway
Cash?
Posted on 10/16/17 at 7:29 am to Tigeralltheway
Did they send you a 1099?
Posted on 10/16/17 at 7:34 am to makersmark1
Open a SEP if you don’t need the money.
Posted on 10/16/17 at 10:21 am to Tigeralltheway
I'd put back about 40% for taxes. Depending on howuch you make it could be more or less but that's a good place to start
Posted on 10/16/17 at 11:31 am to Tigeralltheway
Hopefully your keeping all of your costs associated with this so you can also rite them off...
Posted on 10/16/17 at 3:48 pm to Tigeralltheway
You are forgetting the $15k of extra expenses you had in order to make that money nod wink.
Posted on 10/16/17 at 6:24 pm to Tigeralltheway
Why are you reporting it?
Posted on 10/16/17 at 6:28 pm to CorkSoaker
quote:
Why are you reporting it?
15k is generally too hard to hide. It's not a thousand bucks or two. If it goes into his/her bank account the IRS is going to get you on it.
Posted on 10/16/17 at 7:27 pm to CorkSoaker
Besides not wanting feds on my arse, it will be all 1099
Posted on 10/17/17 at 2:10 pm to Mingo Was His NameO
quote:
15k is generally too hard to hide. It's not a thousand bucks or two. If it goes into his/her bank account the IRS is going to get you on it.
Um, you dont deposit it all at once. You only have to report deposits of more than 10k
Posted on 10/17/17 at 2:42 pm to Titan
quote:
Um, you dont deposit it all at once. You only have to report deposits of more than 10k
So... if the IRS is auditing underreporting of income... they will get bank statements. Then will then ask where every deposit came from.
Posted on 10/17/17 at 2:49 pm to LSUFanHouston
Plus anyone that pays him 15k is going to 1099 him
Unless it's something like 15k worth of mowing lawns
Unless it's something like 15k worth of mowing lawns
Posted on 10/17/17 at 8:24 pm to yellowfin
Definately 1099
Posted on 10/17/17 at 8:24 pm to yellowfin
Are there no expenses associated with the income? Travel? Fuel? Cell bill? Internet? Office space? Equipment?
Seems like you need to find all the write offs and legit biz expenses you can in order to help lower your tax exposure*
*-I am not a tax professional.
Seems like you need to find all the write offs and legit biz expenses you can in order to help lower your tax exposure*
*-I am not a tax professional.
Posted on 10/17/17 at 10:02 pm to GFunk
There aren’t honestly
Posted on 10/18/17 at 6:52 am to Tigeralltheway
quote:
There aren’t honestly
What is it that you did? You don't buy any pen and paper to take notes/keep records or anything?
Posted on 10/18/17 at 8:13 am to Mingo Was His NameO
Im in law enforcement, I worked a bunch of details.
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