How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Guru_Guy Your Own Question

Guru_Guy
Guru_Guy, Lawyer (JD)
Category: Tax
Satisfied Customers: 2418
Experience:  I am a lawyer who understands tax law and finance.
1987257
Type Your Tax Question Here...
Guru_Guy is online now
A new question is answered every 9 seconds

how much taxes on $23000.00

Customer Question

already paid taxes on $32000.00 the $23,0000.00 income is from sales.
Submitted: 7 years ago.
Category: Tax
Expert:  Guru_Guy replied 7 years ago.
Hello,

The exact numbers depend greatly on your filing tatus and other income. If you earned $32,000 per year, file as "single" and take the standard deduction, you would owe about $3100 in federal income taxes.

If you earned another $23,000, you would pay about $8000, or about $4900 more, since this additional amount pushes you into the 25% tax bracket.

If this was earned income from a personal sales business, you would also owe SS and medicare taxes of about $3500, meaning your total amountof additional taxes would be about $7400.

However, if the money came from the sale of long term assets, you would only owe less than half that, $3450 since long term capital gains are taxed at a maximum of 15%.

I hope this helps!

Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
Customer: replied 7 years ago.
Maybe I wasn't clear enough I had three jobs in 2006 and my employer on the first two jobs took out taxes on $32,000.00. My third job   was selling real estate as an Independent Contractor and htere were no taxes taken out on $23,000.00(although $5000.00 of the $23000.00 was for relocation). PLEASE RESPOND AGAIN.
Expert:  Guru_Guy replied 7 years ago.
If the money was earned as an independent contractor, and you are filing a single person with ony a standard deduction, then my estimate of about $7400 in additional taxes for federal income, social security, and medicare would apply.

You may be able to offset some of this income as an independent contractor. For example, if you used your car to drive around real estate clients, you could deduct auto expenses based on a per mile expense or a pro rata portion of your total car expenses. You may also have deductions if you maintain a home office, or other costs associated with earning these profits.

But if the $23,000 was pure profit, then you are looking at around a $7400 tax bite. If, with your other jobs, more was withheld than was necessary to cover that income, you may be able to offset some of your additional taxes with that money paid.

In other words, your total tax bill would be around $11,500 minus whatever you paid in withholding at the two jobs that withheld taxes.
Customer: replied 7 years ago.
It was draw against commission on site real estate sales for a developer . What about the $5000 relocation of the 23k and Florida allows head of the household homestead exemption.
Expert:  Guru_Guy replied 7 years ago.
Reimbursements for moving expenses can only be deducted in certain circumstances and for certain costs actually incurred. This IRS publication explains the details:

http://www.irs.gov/publications/p521/index.html

The Florida homestead exemption applies to a reduction of your property taxes, not income taxes.
Customer: replied 7 years ago.
WRONG I NEED THE DEDUCTION AS HEAD OF HOUSEHOLD REGARDLESS OF OWENERSHIP AS I RENTED. IF YOU ARE AN ATTORNEY GIVING THIS ADVISE I NEED TO KNOW IF IN FACT YOU ARE A MEMBER OF THE FLORIDA BAR ??
Customer: replied 7 years ago.
Please immediately have this company issue me a credit as tax questions if answered by an an attorney as opposed to a CPA absolutely need to answered by a licensed attorney in the State that the question was rendered as you need to be an active member of The Florida Bar to answer my questions. Turn this matter over to a supervisor if needed and I will expect a response ASAP. Thank you for your help but my questions included Homestead questions and I am certain of this formailty.
Customer: replied 7 years ago.
Reply to Guru_Guy's Post: AWAITING CREDIT PLEASE
Customer: replied 7 years ago.
I have been waiting for an answer and want a credit per same.
Expert:  Guru_Guy replied 7 years ago.
I'm sorry you feel that way. Since you have not accepted any of my answers, you should not be charged. I wish you would have mentioned you felt this way before you had me waste my time answering multiple follow up questions.
Customer: replied 7 years ago.
Reply to Guru_Guy's Post: I need to know if the attorney that answered all of my questions is in fact an active member of the Florida Bar?
Expert:  Guru_Guy replied 7 years ago.
It says in my bio that I am no longer active in any bar. I was never a member of the Florida Bar. This forum is not designed to provide legal services. It is meant to provide more general informational answers to questions.

As I said in my original answer, for legal advice, you should speak with an attorney in your State. You should not use this forum. For the detailed analysis of your financial situation that you seem to be seeking, you should expect to pay legal fees of at least $300-$500.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
 
 
 
Chat Now With A Tax Professional
Guru_Guy
Guru_Guy
582 Satisfied Customers
I am a lawyer who understands tax law and finance.