PDA

View Full Version : Tax Question


oumartin
2/9/2006, 12:59 PM
This will give away what white trash I really am but here goes.
before I put in the money I made on my "other" business I had an income of
$63,000 and was getting a refund of like $1,600.

then I put in the amount of my "other" income(that i didn't pay taxes on yet) it drops my freakin' return to $800.00 bucks.

the other income was only $2,500 bucks. There is no way that I should owe 800.00 on taxes on 2,500 bucks income is there?
sooner_born_1960
2/9/2006, 01:05 PM
32% is a little high, perhaps, but not by much.
85Sooner
2/9/2006, 01:18 PM
Welcome to the costs of self owned business.
DCSooner
2/9/2006, 01:30 PM
WOW!!! YOU SHOULD BUY A YUKON!!
oumartin
2/9/2006, 01:32 PM
can't afford the fuel..
OUAndy1807
2/9/2006, 01:50 PM
you have to pay an additional 7% or so for employer side taxes if you work for yourself, right?
salth2o
2/9/2006, 01:56 PM
If your business was strictly cash, w/ no paper trail....what "other" income? My gambling winnings are errr...nevermind.
oumartin
2/9/2006, 02:08 PM
no, i'll recieve a 1099 for this income.. that sucks..
TheHumanAlphabet
2/9/2006, 02:22 PM
Look to schedule C and use it to buy stuff for your office and stuff. You'll be able to cover you income...But that self-employeed tax is hell!
oumartin
2/9/2006, 02:33 PM
well, i won't do it again.. any $$ will be cash only.
Taxman71
2/9/2006, 03:42 PM
You can alwasy incorporate your "other" business as an S Corporation and you won't have to deal with self-employment taxes (unless you pay yourself a salary out of the corporation). The tax savings may justify the extra tax return (Form 1120S) and preparation of annual minutes.
oumartin
2/9/2006, 03:55 PM
nope, I don't pay myself any type salary. just $ from goods sold.

i'll check out the form.
Hamhock
2/9/2006, 03:59 PM
It's called SE Tax (self-employment). When you get a paycheck you pay 7.65% of payroll tax and your employer pays 7.65% of payroll tax.

If you are self-employed, you pay the whole 15.3%. It's just Gubmit keeping the little man down.

Oh yea, I'm here now.
oumartin
2/9/2006, 04:15 PM
I can't believe this crap. Make 2,500 bucks selling Pron and this is the thanks i get ;)
Mjcpr
2/9/2006, 04:21 PM
Oh yea, I'm here now.

Where were you before?
Hamhock
2/9/2006, 04:25 PM
Still trying to figure that one out. The important thing is that I'm here now.

Been lurking for a while. Decided to jump in. You guys amaze me. You have no respect for anyone or anything. No topic is sacred. I've seen you make light of everything from dead babies to the death penalty. I've watched several sincere people fail miserably at getting a simple, straight forward answer. This place takes me back to my fraternity.

For these reasons...I shall never leave.
1stTimeCaller
2/9/2006, 04:27 PM
It was the recipes for the dead babies that got you hooked wasn't it?
oumartin
2/9/2006, 04:28 PM
Oh, people on here will answer your questions. Just might take you 5 pages to find the first one that isn't smart arsed about it.