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  • Tax question.

    What's going on.
    Question (of course ill get my taxes done by a pro but am looking to gain some insight as to if I may run the risk of paying taxes this year) it's my first year filing since my divorce and ill be filing single so I'm kinda shaky on it. Let me give some close hypothetical numbers to give me a little insight.

    Lets say I made:
    $50,000 last year
    I am going to claim a dependent under the age of 16
    I paid apprx 7,500 in taxes
    - 3300 fed
    - 1800 soc
    - 1600 state
    - 700 medi


    4,000 into my health plan (pre tax)

    I invest in my 401k
    - 3,000

    Bought a new car (if that matters)
    Do not own a home

    Any insight would be appreciated (especially knowing I'm going into the holiday season- may have to cheapen the gifts a little)

    Thanks!

  • #2
    Honestly, I don't think anyone can know for sure. It's all in the air right now what will happen. This is what they call "economic uncertainty" and it's another slowing mechanism on the economy? Why? Because of what you just described- not knowing if you can spend your money or not.

    Personally, I'd count on them going up and consider it a small, temporary miracle if they don't.

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    • #3
      Sounds like a plan. Sucks not really knowing. Just getting ready for the potential payment I may have to make

      Comment


      • #4
        As thuggish said it is hard to answer accurately, however in the example the fed taxes is not even 10% of the income and that could be a big problem.

        IRS has a calculator that works pretty good IRS-Withholding-Calculator


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        • #5
          Honestly Wildman you should do your own taxes. I do mine every year. It is very easy and I actually enjoy it. It cost $14.95 and that includes Fed and state. You file right through the website. Your taxes will be very simple. The site will ask you step by step questions and it has an easy to follow self populating system for all your W-2 info etc..... Please don't waste $150+ on an accountant. If you need any help or more info shoot me a PM.

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          • #6
            You will get a $1500 tax credit for you kid right off the top.

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            • #7
              Originally posted by BigCat61 View Post
              Honestly Wildman you should do your own taxes. I do mine every year. It is very easy and I actually enjoy it. It cost $14.95 and that includes Fed and state. You file right through the website. Your taxes will be very simple. The site will ask you step by step questions and it has an easy to follow self populating system for all your W-2 info etc..... Please don't waste $150+ on an accountant. If you need any help or more info shoot me a PM.
              $150... that's cheap.. whew
              Owner of 316FIT and Team Skip Approved Trainer


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              • #8
                Originally posted by fade View Post
                $150... that's cheap.. whew
                Yeah, most single guys with a simple return will get them done for that. Unless you own your own business or have a lot of assets/investments then do it yourself.

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                • #9
                  Costs me $800 a year to do mine, both business and personal combined.....crazy! But much too complicated for me to do them.....
                  STEEL




                  "SIMPLICITY, CONSISTENCY, INTENSITY"

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                  • #10
                    If I add up my quarterlies, annual returns and questions and advice throughout the year, I am into mine for about 1800-2000. But I simply couldn't function without her.

                    Skip


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                    • #11
                      Originally posted by Ken "Skip" Hill View Post
                      If I add up my quarterlies, annual returns and questions and advice throughout the year, I am into mine for about 1800-2000. But I simply couldn't function without her.

                      Skip
                      I'm there, too. With payroll quarterly and annual it's an amount of work that would ruin my whole fucking year to do on my own. I chalked out another $500 extra just to have my statements combed over to ensure the end year outcome.
                      Give me fair or give me flat.......this system sucks

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                      • #12
                        WILDMAN, actually you paid roughly 4,900 in taxes as SS and medicaid do not count. you get a personal exemption along with a dependent deduction, also your health and 401 are deducted. not owning a home eliminates a good deduction as all mortgage taxes and interest is a write off, something to think about. not knowing your personal situation i cant comment on other deductions ( work, childcare, travel for work or relocation etc.) but just the above lowers your taxable income by roughly 11,500 dollars. with 3,300 paid in federal that should be cutting it close, as far as state i dont know where you are located and state differs wildly from fed, you usually end up paying state a bigger chunk. there are too many unknowns to be more accurate but it wouldnt hurt to check into upping your withholdings to have abetter chance at a refund next year. also the do it yourself tax software is a breeze to use ,especially the h and r block version which is under 50 dollars. it would be perfect for you. good luck with things.

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