How much will I pay in taxes?

amother

Ruby

Tue, Nov 06 2018, 6:24 pm

I know no one can give me a real answer but I'd love a rough estimate.
This is the first year dh and I will be working; until now we were supported.
We will be making $100,000 combined. We live in NJ, pay $10,000 in property taxes and have two little children.

We did these online estimators; dh got $20,000 and I got $8,000! I'm wondering which number is more realistic, if any.

Yes we will ask our accountant but I wonder if anyone here has insight.

amother

Orchid

Tue, Nov 06 2018, 6:27 pm

I’m not an accountant, but you won’t get any tax deduction for your property taxes. Standard deduction for 2018 is being raised to 24,000.

Last edited by amother on Tue, Nov 06 2018, 6:28 pm; edited 1 time in total

amother

Oak

Tue, Nov 06 2018, 6:27 pm

Specify the type of income. That would be helpful. Not that I know the answer.

Mommyg8

Tue, Nov 06 2018, 6:53 pm

I just did a really quick Google search and I came up with $5120 federal tax.

You would probably take the standard deduction of $24000 and the rest is taxed at 12%. That's 9120, take away a four thousand dollar tax credit for two children and you end up paying around five thousand federal tax.

I didn't count state tax or social security though.

amother

Orchid

Tue, Nov 06 2018, 6:58 pm

Poster above, how do you know there were no taxes withheld from paychecks?

Mommyg8

Tue, Nov 06 2018, 7:04 pm

amother wrote:

Poster above, how do you know there were no taxes withheld from paychecks?

Oh, I'm responding as to the total amount of tax that she has to pay. Whether it was withheld or not is irrelevant, either way she pays it.

If their W2 forms were filled our correctly, then likely they will get a refund.

They may get more if they are paying interest on student loans, have a child care credit, and maybe some other stuff that I can't think of off hand.

brkn

Tue, Nov 06 2018, 7:04 pm

You can calculate your federal return here: https://apps.irs.gov/app/withh.....ator/

amother

Orchid

Tue, Nov 06 2018, 7:14 pm

Mommyg8 wrote:

Assuming both are w2 employees and not 1099- independent contractors.

Mommyg8

Tue, Nov 06 2018, 7:18 pm

amother wrote:

Assuming both are w2 employees and not 1099- independent contractors.

I'm assuming that federal taxes are the same.

I've never been an independent contractor, but don't they have to make estimated payments throughout the year? And they pay double social security/Medicare, besides for regular federal and state taxes.

amother

Orchid

Tue, Nov 06 2018, 7:25 pm

Mommyg8 wrote:

Not identical tax situation. As an independent contractor you can take more deductions on your schedule c-phone and internet bills, car expenses etc...only if they are related to the job or business obviously.

Mommyg8

Tue, Nov 06 2018, 7:30 pm

amother wrote:

She asked about income. Income is the number you get after you take off deductions. Revenue - expenses = income.

chatz

Tue, Nov 06 2018, 7:31 pm

Above poster bought up a very important point. Op, is this income on a w-2 (employee) or 1099 (self employed/contractor)?

amother

Orchid

Tue, Nov 06 2018, 7:33 pm

Mommyg8 wrote:

She asked about income. Income is the number you get after you take off deductions. Revenue - expenses = income.

I know how to calculate income, I have an accounting degree. Moving on...

Optione

Tue, Nov 06 2018, 9:03 pm

Not to derail OP's thread...
If I'm on a 1099 (first time), how much should I expect to owe in taxes?

amother

Orchid

Tue, Nov 06 2018, 9:22 pm

Optione wrote:

Not to derail OP's thread...
If I'm on a 1099 (first time), how much should I expect to owe in taxes?

It would be impossible for anyone to answer this with so little info. The only advice I can give you is to make estimated quarterly payments to the IRS, so that you don’t have to pay a late penalty when you file taxes.

Mommyg8

Tue, Nov 06 2018, 9:41 pm

amother wrote:

Closer to 20k than 5k

How did you get this number?

amother

Ruby

Tue, Nov 06 2018, 9:47 pm

chatz wrote:

Above poster bought up a very important point. Op, is this income on a w-2 (employee) or 1099 (self employed/contractor)?

amother

Jetblack

Tue, Nov 06 2018, 9:51 pm

Are you currently working - or will be working? Are you trying to predict how much of a refund you will be getting, or how much tax will be coming off of your paychecks?