How much would I owe in taxes on $3000?

Question

I'm working during the summer, and will make about $3000 during the summer (I will begin teaching full time in the fall). My boss isn't withholding any taxes from my checks. How much will I owe in taxes on this $3000 (ignoring what I will make teaching). I'm in North Dakota and claim 1 exemption (single and not a dependent).

Thank you very much!

Answer 1

for Federal taxes - just put 15% aside - that should be plenty - or change your w-4 to single and 0 and do the same when you start your full time teaching job - you'll get more tax taken out then

Answer 2

You can't ignore what you will be making teaching--as this $3000 is on top of that.

Sit down with a blank 2007 tax return and run some estimates.  For 2008, the standard deduction is $5450 and the personal exemption is $3500.  You can get the tax table rates from the 2008 1040es form at irs.gov.

Don't forget that at a minimum you also owe 7.65% for fica/mc, but if he total gets away with doing a 1099-misc, it'll be 15.3%.

Answer 3

From the summer job, probably around $900 for federal, half for self employment tax (social security and medicare) and the other half for income tax.  And maybe around $60 for ND.

You'd be wise to send in the $900 to the feds by Sept 15 as a quarterly estimated payment.  Send a form 1040ES, third quarter, with it.  Then just claim single/1 or single/2 on your W-4 for your teaching job, and you should be OK.