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I am single with 2 younger kids and will have pass through…

I am single with...

I am single with 2 younger kids and will have pass through K-1 income of $225,000 in 2018. What will my approximate tax liability be as I live in SC please? Thank you!

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Answered in 4 minutes by:
3/8/2018
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,269
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.

If that is all your income, then $225,000 will be eligible for the 20% tax deduction. So, you'll be taxed on $180,000. The standard deduction is $18,000 (assuming your head of household). Taxable income is then $162,000.

Total tax due then is $32,137. Your 2 kids will qualify for the $2,000 each child tax credit, so that knocks it down to $28,137.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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For South Carolina, it will be around another $12,600.

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Customer reply replied 4 months ago
my total taxable income is reduced by 20% because of the new Trump tax deal and because it is on a K-1 and is "Pass through" income?
Also, I live in SC but the income is coming from VA......will this make a difference?

Yea, the taxable income from businesses are generally getting a 20% deduction of business income.

The income will be VA sourced and taxed in VA. So, it will go under VA tax rates, which are lower than SC.

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Customer reply replied 4 months ago
Thank you Carter and have a good evening!

Thanks! If you need anything else just let me know. If you can leave a rating so I can get credit for helping you, that would be great! Thanks!

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,269
Experience: Adjunct Professor
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