I work and earn $1000 per month with $50 in expenses, how much federal tax will I have to pay for the month?

Question

I work and earn $1000 per month with $50 in expenses, how much federal tax will I have to pay for the month?

Answer 1

If you are working as an employee, those expenses aren't going to mean anything unless you have enough other deductions to itemize.  Assuming you are single, no dependents, not a dependent. no credits, take a standard deduction, your annual income tax would be around $305, which works out to $25.42 a month.

If you are self employed, the situation changes a lot.  The expenses would be deducted, giving you an annual taxable income of $11,400.  With the same assumptions as above, your annual federal income tax would be $245, but you'd also owe self-employment tax of $1610.77 so your federal tax would be $1855.77 total for the year, or $154.65 per month.  The self employment tax is for social security and medicare.  If you worked as an employee, $76.50 a month would have been deducted from your paycheck for that, and your employer would have paid in an equal amount on your behalf.

Answer 2

Deb it depends on how many dependents yo claim, if yourself then around $100+.  Best way is to go to irs.org and look at the tax table.  You have a basic one person exemption if you use the simple 1040ez form and don't itemize.  If it's just you them use it.  If you have others then use the other forms and if you have a bunch of medical stuff use them also.

You can also call the irs and ask.  Have fun and take care.

Whoops almost frogot, the tables are for the entire years amount so you have $1,000 times 12 months, less the $600 or see what the taxes are for $11,400 and divide by 12 months.  You can thank me later, have a fun fall and winter.

Answer 3

What do you do??

Are you self-employed or an employee?

Need additional info!

Answer 4

Compute your yearly income, $1000 * 12 = $12,000.

Go to the IRS web site and look up how much income you make per year.

$782.50 + .15 * ($12,000 - 7825) = Tax per year.

Tax per year / 12 = Tax per month.