Question:

If currently There are no taxes or deductions from my paychecks, how much should i pay while filing my taxes?

by  |  earlier

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next year ? assuming my income will be less than 30k for a single man; i mean what percentage of my income ?

an average estimate will also help

thanks

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3 ANSWERS


  1. You have to pay as you go, you can't wait until next April to pay this year's taxes.  You must make estimated quarterly payments.  Go to www.irs.gov for more details.  You can also see tax tables there to find out about what you would owe.


  2. go to your employer and have your checks deducted for taxes or you'll be screwed.

    Besides that you I think you have to pay at least quarterly anyways.

    Just for your info I paid over 8,000 in taxes last year and didn't make 30,000, so trust me you want to pay as you go.

  3. If there are NO deductions, it sounds like you are being paid as an independent contractor rather than as an employee.  You'd owe around 14% for self employment tax (for social security and medicare) plus around another 10% for income tax, plus whatever your state rate is (that varies by state).

    You will need to make quarterly estimated payments using form 1040ES.  The second quarter payment is due June 15.

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