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Tax question, about how much I should owe...
Old 03-26-2007, 03:52 PM   #1
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Tax question, about how much I should owe...

So after deductions, and such last year, my total came to 47k. I just did turbo tax yesterday, and the amount of taxes I had to pay seemed very high, 17k (state and federal). Is this the kind of bite I should expect or did I miscalculate?
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 03:55 PM   #2
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Re: Tax question, about how much I should owe...

Married? What state?

Federal tax on 47K (taxable) is $8307.50
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 03:57 PM   #3
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Re: Tax question, about how much I should owe...

Is that earned income? Long/short capital gains? Dividends?
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 04:00 PM   #4
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Re: Tax question, about how much I should owe...

Not married, Louisiana, Hardly any of it was capital gains, maybe, 500$
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 04:13 PM   #5
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Re: Tax question, about how much I should owe...

Good for you on working those deductions! You knocked the heck out of that $100k job of yours. I don't pay that much in federal tax, but a fair chunk of my income is temporarily sheltered as depreciable expense. I know the tax man is gonna get me with recapture at some point.
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 04:17 PM   #6
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Re: Tax question, about how much I should owe...

Sounds high. If your taxes are relatively simple then you can probably long-hand it using the printed IRS forms.

Also, you could go to something like TaxAct Online that will let you enter everything and file your Federal return for free... so you can see if their numbers match what you've already come up with.
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 04:21 PM   #7
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Re: Tax question, about how much I should owe...

That's your AGI? Are you paying self-employment tax?
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Re: Tax question, about how much I should owe...
Old 03-26-2007, 04:26 PM   #8
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Re: Tax question, about how much I should owe...

Yes, I'm pretty sure I had to pay off that tax for self employment. Good thing most of my money is all in per diem, and mileages which isn't taxable and doesn't show up on a W-2
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