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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10807
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have to do my taxes for the first time without a w-4 this

Customer Question

I have to do my taxes for the first time without a w-4 this year for half of the year. I was wondering how much I would have to pay at the end of the year and I don't have any write offs. I make 4000 dollars a month.
Submitted: 4 months ago.
Category: Tax
Expert:  Lane replied 4 months ago.

Hi. I can help here ... My name's Lane

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If you'll tell me how you file (single, married fiing jointly, married filing separtely, head of household) I can run ther numbers for you.

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Just as an example: (assuming you file as single)

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Estimated Tax Analysis

Gross income$48,000

Qualified plan contributions-$0

Adjusted gross income=$48,000

Standard/Itemized deductions-$6,300

Personal exemptions-$4,050

Taxable income=$37,650

Tax liability before credits$5,184

Child tax credits-$0

Estimated tax liability= $5,184

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Whatever IS withheld will reduce this dollar for dollar, of course. This assumes no withholding.

Expert:  Lane replied 4 months ago.

Let me know if the assumptions aren't or if you have other questions.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be thanks enough!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law &Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Customer: replied 4 months ago.
I have one child and filing married
Expert:  Lane replied 4 months ago.

No other income in the household?

Expert:  Lane replied 4 months ago.

If the 4000/mo is the only income in the household then it would look like this:

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Estimated Tax Analysis

Gross income$48,000

Qualified plan contributions-$0

Adjusted gross income=$48,000

Standard/Itemized deductions-$12,600

Personal exemptions-$8,100

Taxable income=$27,300

Tax liability before credits$3,168

Child tax credits-$1,000

Estimated tax liability = $2,168

Customer: replied 4 months ago.
I'm only filing myself for 6 months. The other 6 months I will get a w-4 for the first 6 months. I have now become a co owner of a company
Customer: replied 4 months ago.
My wife's income is the other income. I jus want to make sure my portion is taken care of.
Expert:  Lane replied 4 months ago.

Do you mean a W-2?

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And since this is a joint return ... I'll need to know the amount of the HOUSEHOLD income ... then if you know that the withholding against her income and the first 6 months of yours covers the tax due, we can then see what the tax on that incremental 4000 x 6 mo's would be

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this is becasue the tax is progressive, see this:

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Married Filing Jointly or Qualifying Widow(er) Filing Status

[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]

  • 10% on taxable income from $0 to $18,150, plus
  • 15% on taxable income over $18,150 to $73,800, plus
  • 25% on taxable income over $73,800 to $148,850, plus
  • 28% on taxable income over $148,850 to $226,850, plus
  • 33% on taxable income over $226,850 to $405,100, plus
  • 35% on taxable income over $405,100 to $457,600, plus
  • 39.6% on taxable income over $457,600.
Customer: replied 4 months ago.
a w-2 and the household makes 100,000
Expert:  Lane replied 4 months ago.

K so hte best way to get ther then is to simply calculate the tax liability for the household on the joint return... and then you can net the withhoding aginast thatb to see what esle you'll need to pay in as estimated taxes to make up the difference ... just a sec

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On the withholding, just add up what was withheld from your paycheck... then you can nnualize what's been withheld on your spouse's check ( withholding year to date through september / 9 x 12 ) ... then the rest of the tax liability is what you'll need to make up in estimated payments (or pay at tax time)

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Let me run this at 100K, married filing jointly and one dependent

Expert:  Lane replied 4 months ago.

Estimated Tax Analysis

Gross income$100,000

Qualified plan contributions-$0

Adjusted gross income=$100,000

Standard/Itemized deductions-$12,600

Personal exemptions-$8,100

Taxable income=$79,300

Tax liability before credits$11,368

Child tax credits-$1,000

Estimated tax liability=$10,368

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So whatever her withholding (annualized to the end of the year) plus the amount withheld from your paycheck for the w-2 period ... would be subtracted from 10,386 to see what will still be owed.

Expert:  Lane replied 4 months ago.

Hope that helps.

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Please let me know if you have any questions at all here.

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And if you DON'T have other questions Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …would be thanks enough!

Otherwise I receive no compensation for the work.

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Thank you,

Lane

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...

I have a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law &Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Expert:  Lane replied 4 months ago.

(again, please let me know if you need more here) .. I'll be here

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Lane

Expert:  Lane replied 4 months ago.

Hi - Judst checking back in to see if that got you there.

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If you'd like to give me the amount of withholding, for both of you I can run the numbers again and give you an even more specific number

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Let me know. I'll be here.

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And if you DON'T have other questions I'd appreciate your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”)

Otherwise I receive no compensation for the work.

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Thank you,

Lane