GoFuckYourself.com - Adult Webmaster Forum - View Single Post - How much will i have to pay for taxes this year?

GatorB · 10-20-2001, 03:07 PM

The first thing we have to know is if the $20K is the only income you have coming in.

If it is we also have to know whether your single, married, have kids or not.

If you were single then you'd be able to deduct about $7000 off your income for standard deduction and dependant deduction for yourself.

Now if you have receipts for business expenses like hosting, content and such then you can deduct that too.

Now you have to pay FICA TAX(social security and medicare taxes) too. Now unlike a job where you pay the basic 7.65% you also have to pay the employer part(also 7.65%) too, since your both the employer AND the employee. BUT you get to deduct the 7.65% that you pay as the employer(which would be $1530 of $20k) off your taxable income.

So let me give you a basic scenario if your a single person with no kids and no other income and no business expenses to be deducted)

$20,000 income minus $7,000(standard deduction)leaves $13,000 now minus $1,530(for employer part of FICA tax)leaves 11,470 TAXABLE income.

Now under the new federal tax laws the first $6000(for single filer) of taxable income is taxed at 10% so that would be $600 and the remaining 5,470 would be taxed at 15%, which would be about $821 for a total of $1421 in FEDERAL INCOME TAXES, remember you also have to pay $3060 in FICA taxes so those 2 combined = $4481 or about 22% of every $ you make. Of course if you have kids and/or are married with no other income or you have business expenses you may pay no income tax at all, BUT you will pay the FICA tax even if you made $1 for the year.

I don't know about state taxes because the only states I've lived in and worked are Florida and Tennessee and they don't have a state income tax.

10-20-2001, 03:07 PM
GatorB The Demon & 12clicks Industry Role: Join Date: Oct 2001 Location: SallyRand is a FAGGOT Posts: 18,208	The first thing we have to know is if the $20K is the only income you have coming in. If it is we also have to know whether your single, married, have kids or not. If you were single then you'd be able to deduct about $7000 off your income for standard deduction and dependant deduction for yourself. Now if you have receipts for business expenses like hosting, content and such then you can deduct that too. Now you have to pay FICA TAX(social security and medicare taxes) too. Now unlike a job where you pay the basic 7.65% you also have to pay the employer part(also 7.65%) too, since your both the employer AND the employee. BUT you get to deduct the 7.65% that you pay as the employer(which would be $1530 of $20k) off your taxable income. So let me give you a basic scenario if your a single person with no kids and no other income and no business expenses to be deducted) $20,000 income minus $7,000(standard deduction)leaves $13,000 now minus $1,530(for employer part of FICA tax)leaves 11,470 TAXABLE income. Now under the new federal tax laws the first $6000(for single filer) of taxable income is taxed at 10% so that would be $600 and the remaining 5,470 would be taxed at 15%, which would be about $821 for a total of $1421 in FEDERAL INCOME TAXES, remember you also have to pay $3060 in FICA taxes so those 2 combined = $4481 or about 22% of every $ you make. Of course if you have kids and/or are married with no other income or you have business expenses you may pay no income tax at all, BUT you will pay the FICA tax even if you made $1 for the year. I don't know about state taxes because the only states I've lived in and worked are Florida and Tennessee and they don't have a state income tax.