How much will i have to pay for taxes this year?
 

Can anybody estimate how much you would have to pay say if you made $20,000 in a year how much am I going to have to pay? I thought I read somewhere that they tax you 12% of whatever your total income was I just need an estimate. If i make 20,000 this year and they tax 12% of that i'll have to pay $2,400 http://bbs.gofuckyourself.net/board/frown.gif

its more than 12% bro!

Are you in the US or Mexico?

12% OMG where do you live! Im gonna move there too and live like a king.

I'm no tax guru but I would figure 30%. state and federal dude.

higher

federal alone is above 30%, let alone the state.

save your recipts to the porn shops and the jack shacks.

they will cumm in "handy"

In Canada after you substract company related spendings you must pay 30%.
In US i believe it is 38% (i might be wrong about US)

=)

I need to move to Canada soon. I hear BC is nice!

when are we (in the US) supposed to pay anyways? and where do we go?

so it's around 35% to 40% of my total income after i subtract my spending.....is that 38% including state and fed?

$20,000 35% = $7,000...... i'll have to make payments then!! lol

U will get 1099's back from your sponsors and you pay on what they report..
That is you income.. Do you taxes like normal, and report that as your income.

You get the 1099 from your sponsors arouns feb-march

thanks but arent we supposed to pay quarterly?

You're not going to have to pay 30% if you only made $20,000. I made I think $22,000 one year a few years back and I remember paying about $2,500 in taxes....roughly.

sure you can pay quartely. It is prefered, but you dont have to.

Its more of a saftey net so you dont have to pay one big check in April.

They prefer quartley or even monthly, but if ya dont no big deal.. Its a small fine, but for people like me it is easier to keep the $$ and gamble with it insted and just pay them all in April

ONLY if you make more than $36,000.

I just wish they gave us schedule c'ers the standardized deduction of $11,000. http://bbs.gofuckyourself.net/board/icons/icon8.gif

I need more receipts..



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exactly..



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Does IBILL/CCBILL send tax forms? Whta if your sponsors don't send you forms or if you have your own paysite?

THAT is exactly the kind of stuff they like when you get audited..

Remember..it's compounded interest plus penalities..



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Hahahaha, 12%?!?! Man!

$20k/yr will easily hit 30% when you figure in fed/state/SS tax/medicare. Easily. This is before your deductions if you have any.

Man, I did 1099 work before this whole adult thing, and about 45% (granted, I was making $2,000/week) was taken in taxes. I was 18 and couldn't really deduct a damn fucking thing (and was too stupid to even try).

If you make a decent amount of cash a year ($45k+) expect at least 35% taken out, AFTER normal-like deductions (assuming you're not a home owner, and don't have dependents other than yourself).

-Phil

Phil22 is right.

Dude.

I hate these threads, all they fucking do is depress me.

We have 13% here in Russia http://bbs.gofuckyourself.net/board/smile.gif


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TAXS???? DAMMIT.. SHIT DAMMIT I KNEW THERE WAS A CATCH TO THIS PORN SHIT.. FUCK IT I WANT PAY AND WILL MOVE TO CANADA.. ill act like i have a flip-top head and live in bliss with the bears.. hooraa

13% in Russia? Cool.
But one thing about Russia.. If you lie at all about your taxes, they dont fine and compound intrest you like here in the US, they just come and fucking shoot you!

Russian Government is not a Governement to try to trick! It could cost you your life if they know you are hiding good $$!

Nope i guess it would cost you about 50 years of prison in Siberia but not your life..
LOL!

BP Russia became different, we don't have fucking commies here anymore. We have our law and that's all.
And i guess US law is much more severe about taxes hiding. Here in Russia you can get 3 years of prison max if they get your ass for this.
And as far as i know in US you can get 30 years or even more.

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Do you live like a king there ?

I always try to assume 1/3 of it all goes t Uncle Sam. comes out about right, that is unless your incorporated.

Personally, I Keep every receipt that I can remember to get. Taxis, meals, coffee, trips, beer, any supplies or PC equip and software.

That and a good accountant and your safe IMO.

I feel ya man. I don't even want to think about this shit until I have to.

The first thing we have to know is if the $20K is the only income you have coming in.

If it is we also have to know whether your single, married, have kids or not.

If you were single then you'd be able to deduct about $7000 off your income for standard deduction and dependant deduction for yourself.

Now if you have receipts for business expenses like hosting, content and such then you can deduct that too.

Now you have to pay FICA TAX(social security and medicare taxes) too. Now unlike a job where you pay the basic 7.65% you also have to pay the employer part(also 7.65%) too, since your both the employer AND the employee. BUT you get to deduct the 7.65% that you pay as the employer(which would be $1530 of $20k) off your taxable income.

So let me give you a basic scenario if your a single person with no kids and no other income and no business expenses to be deducted)

$20,000 income minus $7,000(standard deduction)leaves $13,000 now minus $1,530(for employer part of FICA tax)leaves 11,470 TAXABLE income.

Now under the new federal tax laws the first $6000(for single filer) of taxable income is taxed at 10% so that would be $600 and the remaining 5,470 would be taxed at 15%, which would be about $821 for a total of $1421 in FEDERAL INCOME TAXES, remember you also have to pay $3060 in FICA taxes so those 2 combined = $4481 or about 22% of every $ you make. Of course if you have kids and/or are married with no other income or you have business expenses you may pay no income tax at all, BUT you will pay the FICA tax even if you made $1 for the year.

I don't know about state taxes because the only states I've lived in and worked are Florida and Tennessee and they don't have a state income tax.

Well even if you earn much and pay as low as 13% in taxes you can't live like a king in a poor country, you know. You can't feel safe 'cause there are many poor people around and some of them hate you for your success.
To live like a king i should live in rich country paying taxes in Russia.
i think i'll try it some day http://bbs.gofuckyourself.net/board/smile.gif


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Why do people pay taxes in the U.S.?
It's not like you get health care or anything.

absolut,how is the financial situation in Russia lately?

Max taxes in Brazil are 27,5%. If you make US$20,000 per year or US$1 million per year, you'll have to pay 27,5%

I forgot to say our tax system sucks big time.

Simple solution, take your business offshore http://bbs.gofuckyourself.net/board/smile.gif

We can't deduct most of things you US people can, and have slow limits (in $, not real values, so sucks even more) to what we can.
And a lot of others bad things. Did I say it sucks?

It looks kinda stable for a couple of last years, Russia even started to pay the debts in this year. But the biggest problem here that you never can tell and can't plan your future for a long time. Our industry (big part of it) is still dead and the economy depends very much on oil prices in international market and so on.
Hope we will be fine but with all these taliban bastards who knows..

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[This message has been edited by Absolut (edited 10-20-2001).]

oops double

[This message has been edited by Absolut (edited 10-20-2001).]