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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3911
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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I work 2 jobs. Want to know my estimated tax I will owe for

Resolved Question:

I work 2 jobs. Want to know my estimated tax I will owe for 2012.
I work a retail job, annual income is 13,138.
I am self employed & sell insurance. Annual income is 28,433.
Total deductions will be about 6500.
I filed an extension and will file and pay Oct 15th. Can you give me an estimate
I received in stocks 1178.
Submitted: 12 months ago.
Category: Tax
Expert:  Lane replied 12 months ago.

NPVAdvisor :

Hi,

NPVAdvisor :

This is very broad brush, making the assumption that you're filing as single, have no dependents and are having nothing withheld

NPVAdvisor :
























































Estimated Tax Analysis
Gross income$29,611
Qualified plan contributions-$0
Adjusted gross income=$29,611
Standard/Itemized deductions-$6,500
Personal exemptions-$3,900
Taxable income=$19,211
Tax liability before credits$2,435
Child tax credits-$0
Estimated tax liability=$2,435
Taxes withheld-$0
Tax shortfall=$2,435
NPVAdvisor :

Let me know, if you want to provide more detail, and we can go from there, but this gives you and idea

NPVAdvisor :

Let me know ...

NPVAdvisor :

Lane

Expert:  Lane replied 12 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 12 months ago.

Hi Mary Beth,

... just checking back in, as I never saw you come into the chat.

Let me know if you need more on this

Lane

Customer: replied 12 months ago.

I do have state and federal taken out of my retail income. I have no dependents. I live with my step mom after filing for divorce and trying to recover from that. I do provide deductions, office expenses, licensing fees and operational expenses will be about 7300. I do a detail breakdown for my account. But those are the main numbers unless you need something else. Do these number help or change anything?

Expert:  Lane replied 12 months ago.
Yes, I used 6500 for the deductions...I'll use the 7300.

That will help.

Be right back with that
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3911
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and other Tax Specialists are ready to help you
Expert:  Lane replied 12 months ago.

OK here ya go

... a little better.

And be sure to subtract any withholding to get to amount owed (or refund)

Estimated Tax Analysis

Gross income $29,611
Qualified plan contributions-$0
Adjusted gross income=$29,611
Standard/Itemized deductions-$7,300
Personal exemptions-$3,900
Taxable income=$18,411
Tax liability before credits $2,315
Child tax credits-$0
Estimated tax liability=$2,315
Taxes withheld-$0
Tax shortfall=$2,315
Expert:  Lane replied 11 months ago.

Thanks so much for the rating Mary Beth.



If you'd like to work with ME again just say "For Lane only," at the beginning of your next question.

Thanks again,
Lane

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