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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55144
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I had two jobs last year and at one of my jobs I received a

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I had two jobs last year and at one of my jobs I received a 1099. It is for $13,000. I made about $34,000 at my regular job and was taxed. I am married and have 2 dependants. Right now we don't owe anything, but once I add in that $13,000 about how much am I going to owe in taxes?
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good afternoon. Ok...If you are married filing jointly with two dependents (you and your wife), you have a standard deduction of $11,400 plus dependent deductions of $7300 (i.e., $3650 each). That givees you total deductions of $18,700. If you only made $34,000, your taxable income would have been $15,300 and your tax would be $1533 . But, with the additional $13,000, your taxable income increases from $15,300 to $28,300, and on that your tax is $3411.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 6 years ago.
My husband also made about $25,000 in unemployment last year, will that increase what we owe in taxes? I started to do our return and we don't owe anything at the moment. I just have not added that $13,000 in yet. Or once I add in the $13,000 will we still just owe around $3,400?
Expert:  Richard replied 6 years ago.

Unemployment compensation is includible in gross income. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. As a result, your taxable income will increase by an additional $25,000.

Customer: replied 6 years ago.
Will we still owe the same amount of money or will it be more?
Expert:  Richard replied 6 years ago.

With your unemployment, your taxable income would increase from $28,300 to $53,300. The total tax owed on this amount would be $7161. You would, of course, receive credit for any amounts withheld from your pay.

 

 

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