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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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How much taxes should I pay on $26,000?

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I made about $26,000 last year and I am paying $900 to the federal, and $250 to state. Can that possibly be correct?

If you are single, with no dependents, standard deduction, no other deductions or credits - and have $26,000 income from wages - your 2009federal tax liability would be $2080 minus $400 (Making work pay credit) = $1680.

Your actual tax liability would be less because of income tax withholding - If the amount withheld was $780 - please check on your W-2 from box 2 - that you will owe additional $900.

Similar verification should be done for your state.

Let me know if you need any help or our estimations should be adjusted.

Customer: replied 6 years ago.

On the W-2 my Federal Withheld is $948.88. I also made $1000 from freelance work that is on my W-2 in box 14 other, it says CASDI $287.55.

So should I owe them money or should I be getting money?

$1000 from freelance income - is classified as self-employment income. You generally should deduct qualified expenses and only NET self-employment income will be a subject of income and self-employment taxes.

Assuming $1000 is your net income (in additional to $25,000 of wages) your income taxes would be $2,069, plus self-employment taxes - $142, minus make work pay credit $400 minus $949 withholding - total additional tax liability $962 - so far your calculations seems as correct.

CASDI stands for "California State Disability Insurance" - it is deducted on your California tax return - but generally is not used on the federal tax return unless you itemize.

Let me know if you need any help.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience: Taxes, Immigration, Labor Relations
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