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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I got a windfall of 25,000.00 in November of 2009- I know I

Resolved Question:

I got a windfall of 25,000.00 in November of 2009- I know I have to pay estimated taxes on this amount- I am a single home owner with a mortgage and earn about 60,000. a year in my occupationn as a truck driver .What is the easiest way to calculate the amount due to the IRS ??
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

HelloCustomer

 

Do you have a rough estimate of what you turned in on last year's tax return for your total itemized deductions?

 

 

Customer: replied 4 years ago.
I will have to did out last years return - do not recall off the top of my head
Expert:  Merlo replied 4 years ago.

Hello againCustomer

 

That's okay. I think I can still give you a decent estimate without that information.

 

If you make $60,000 a year and then had an additional windfall of $25,000, that will give you total income for the year of $85,000. The standard deduction for a single person and one personal allowance will bring your taxable income down to just a little more than $75,000. Any taxable income in the range of $33,950 to $82,250 is taxable at 25%. So 25% federal tax is what you should plan to pay in on the $25,000 you received, or a total of $6,250 for federal taxes. Even assuming your itemized deductions were much higher than the standard deduction, you would most likely fall in this same bracket.

 

If you live in the state of PA, you will also owe PA state tax at a rate of 3.07%, or a total of $767.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank youCustomerand let me know if you have more questions

 



Edited by Merlo on 1/3/2010 at 12:39 AM EST
Customer: replied 4 years ago.
I figure about 17k in itemized deductions - and I have paid in about 10k in federal withholding
Expert:  Merlo replied 4 years ago.

Hello againCustomer

 

Thanks for the updated information. Your itemized deductions are considerably higher than the standard deduction, so that will make a difference.

 

In addition to your $17,000 in itemized deductions, you are allowed one personal allowance of $3,650. This gives you total deductions of $20,650, bringing your taxable income down to $64,350. Your federal tax on that amount would be $12,281. If you have already had $10,000 withheld, then you will only owe another $2,281 in federal taxes. The $10,000 they have already withheld is much higher than what I originally calculated, so you must have more withheld from your checks.

 

Your PA state tax for the year will be roughly $1,975. So you will have to see what has already been withheld for PA taxes and then plan on paying in the difference.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank youCustomer/p>

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 2 other Tax Specialists are ready to help you

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