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| *Ostroff, Fair and Company>>>United States Taxes |
Estimate Taxes on 200k please? |
If I'm an individual IT consultant and I make 200k a year and I file individually, how much will I pay in taxes (federal and state)? Live in NJ, commute and work in New York City - only one job. Assume no deductions. Thank you. Fed Income Tax: $52,592. SS Tax: $11,681. Medicare Tax: $5,800 NJ State Tax: $12,740 NY State Tax: $14,750 Use the higher of the two state tax levys. Grand total: $84,823 This assumes that you are a self-employed individual. If you're a W-2 employee, cut the SS and Medicare taxes in half and adjust accordingly. Your individual tax situation will alter these numbers. This does not account for possible AMT treatment. With no write off???? About $88,000. Presumably about 60% (federal). State, if it is like here in Canada, the Provinces generally take 3-6% to start, and scale-up. In your case, you'd probably see another 15%+/- Why don't you look in the back of your 1040 instruction book. If your an independant consultant your pretty much f***d if you haven't been making estimated payments all year on the quarters. You are gonna have to pay penalties. Of course if you have an employer (gave you a w2 form) you don't have to file quarterly estimates. But you should have received your w2 forms & know pretty much how much you have paid over the yr. If you are pretty bare bones download taxact. It's free. It just charges for state (which is a ripoff, you just take the #'s off your 1040). & any other forms you have to file. + if you are an independent, do a few deductions. You are gonna get slaughtered! Think 33% tax bracket! Be cheap ... your gonna need it.... get the jd lassiters tax book 06 & how to pay zero taxes. & learn how to protect your assets. If your smart enough to make that much certainally your smart enough to pick up a book or pay $ for a tax planner. Not preparer, planner. A planner figures out how to keep your $. Self employed 15+ yrs http://www.irs.gov/pub/irs-pdf/i1040gi.p... |
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