Monday, October 21, 2013
did a rough sketch of my taxes for this year, if i don't make any more money (i probably will.)
personal exemption 3900 + standard deduction 6100 = 10,000. 10% income tax on the first 8K over that. If my self-employment gross is 20K with 9K in expenses, and my investment income is 5K, that leaves me paying 10% of 6K = $600 in federal income tax, and 11%? fica on 11K = $1,210. "luckily" the sale of my house didnt close yet, if it ever will, that would have been an extra 25K net to worry about.
personal exemption 3900 + standard deduction 6100 = 10,000. 10% income tax on the first 8K over that. If my self-employment gross is 20K with 9K in expenses, and my investment income is 5K, that leaves me paying 10% of 6K = $600 in federal income tax, and 11%? fica on 11K = $1,210. "luckily" the sale of my house didnt close yet, if it ever will, that would have been an extra 25K net to worry about.
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