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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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how much federal tax should you have paid if you made $72000.00

Customer Question

No Comment Added
Submitted: 6 years ago.
Category: Tax
Expert:  Ed Johnson replied 6 years ago.

Dear Chuckie,

What is your exemption and filing status as indicated on the employers W-4?

If you were single, with zero, the withholding would have been in the range of 18,000.

 

Customer: replied 6 years ago.
Reply to Ed Johnson's Post: single, no exemptions. i did not have taxes taken out for 2007, i rather pay at end of year, just wanting to know about how much i will have to pay
Expert:  Ed Johnson replied 6 years ago.

Wait, holdl the presses,

How is this income reported? 1099 or W-2? What kind of employee are you, a contracted employee, a statutory employee, a common law employee?

Customer: replied 6 years ago.
Reply to Ed Johnson's Post: w2, contracted
Expert:  Ed Johnson replied 6 years ago.

Dear chuckie,

If you are a W-2 employee, whether you are contracted or not, your employe has to exercise his or her agency relationship with the IRS and collect taxes, and make contributions to your MC and SS account. If he is not, he is in violation of the IRS codes, and he is denying you benefits of MC and SS.

The only exception woud be if you were a salesman

Who Is a Statutory Employee?

Some workers are deemed to be employees by statute. For an exempt organization, the most common employees in this category are its officers. In addition, while not as prevalent in an exempt organization, the following workers are also statutory employees:

  • A full-time traveling or city salesperson who solicits orders from wholesalers, restaurants, or similar establishments on behalf of a principal. The merchandise sold must be for resale (e.g., food sold to a restaurant) or for supplies used in the buyer's business;
  • A full-time life insurance agent whose principal business activity is selling life insurance and/or annuity contracts for one life insurance company;
  • An agent-driver or commission-driver engaged in distributing meat, vegetables, bakery goods, beverages (other than milk), or laundry or dry cleaning services; and
  • A home worker performing work on material or goods furnished by the employer.

An employer should indicate on the worker's Form W-2 whether the worker is classified as a statutory employee. Statutory employees report their wages, income, and allowable expenses on Schedule C (or Schedule C-EZ), Form 1040. Statutory employees are not liable for self-employment tax because their employers must treat them as employees for social security tax purposes.

Now if you are a statutory employee, then you would have to file a schedule C, and taht would help determine what amount of money you might have to pay in taxes. Your actual tax liabiltiy may not be 18,000, it might be a lot less.

Schedule C: http://www.irs.gov/pub/irs-pdf/f1040sc.pdf

Schedule C-ez: http://www.irs.gov/pub/irs-pdf/f1040sce.pdf

 

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Ed Johnson
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GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee