I am in need of tax help...!?

Question

I'm looking for somewhere where I can calculate how much our taxes are going to be this year.

Here are some details:

- We live in FL (so no state taxes)

- My husband has made around $50,000 income

- I only worked for Jan. and made around $1,300

- My husband freelances, and will receive around $8,000 this way by the end of the year.

- We moved this year.

- We got married this year.

- We had our first child this year.

If there is any type of worksheet somewhere where I can plug this information in to figure out how much I need to start saving??

Thanks!

Answer 1

irs.gov

withholding calculator.

irs form 1040es and pub 505.

blank copy of last year's return with this year's numbers plugged in.

By freelance, do you mean 1099-misc?  Budget 30% for that.

Answer 2

Is his $8000 of freelance income included in the $50K, or is that just his salary as an employee?

If the $50K does not include the freelance income, then your income tax will be somewhere around $3900 after the child tax credit is deducted, plus he'll owe around $1130 for self employment tax (social security and medicare) on his freelance income, for a total of $5030.  I assume he's having taxes deducted from his paycheck at his job, and that you did too, so whatever total was taken out for federal income tax will apply against that.  

If either of you did NOT have anything withheld for ss from your paychecks, then you'll owe more.

This is federal only - depending on where you live, you are likely to owe state tax also, and maybe local.

Answer 3

Yes. It's called a form 1040. It and the instructions can be downloaded form the IRS site. Just fill it in with ballpark estimates of your 2008 report and you'll have an approximate answer.