How much to take out for taxes

how much to take out for taxes

How much does Utah take out total for taxes per pay check (every two weeks)?

UTAH does NOT take any amount out at that time and neither will any one else when you are a self employed independent contractor then he will be responsible for determining his federal and state tax liabilities amounts and should start making quarterly estimated tax payments during the tax year for this purpose and time in his life. Usually four payments for the year BUT the # 3 payment would be due in September and the final number 4 payment voucher would be due around January 15 2013

NET profit from the schedule C and the SE of the 1040 income tax return for this purpose of the SE taxes social security and the medicare tax amounts at this time.

For 2012 the SE tax amount is 13.3%

10.4%. for social security and 2.9% for medicare for the total of 13.3% for the SE tax on the NET PROFIT amount from the schedule C for this purpose.

An the Net profit amount also goes on the 1040 income tax return page 1 Line 12 business income and will be added to all other worldwide income and be subject to income tax at your marginal tax rate when you correctly complete you 1040 income tax return during the 2013 tax filing season.

Here you go you can try and do your own estimated tax calculations at this time in your life for

this purpose since you are the only one that would know all of the needed necessary information at this time.

www.irs.gov website and use the search box for 2012 Form 1040-ES (OTC)

Estimated Tax for Individuals

http://www.irs.gov/pub/irs-pdf/f1040es.pdf?portlet=3

Copy and paste the below enclosed website address into your browser address bar for this purpose.

http://www.dinkytown.net/java/Tax1040.html

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2013.

In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" left the existing tax brackets in place through 2012.

You probably can find an estimated tax calculator for your state income taxes by going to your state income tax department website and use the search box for estimated tax calculator at that time in your life.

I would hope that you do find the above enclosed information useful for your situation and good luck to you with this matter. 07/13/2012

Post

How much does Utah take out total for taxes per pay check (every two weeks)?

being self employed one is r'qrd to pay their own self employment tax, and that would be approx. 13.3% of the Sch C 'net' amount this income will be reported on

Source: www.debtordebt.com

Category: Taxes

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