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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If I were an independent contractor (self-employed) and make

Customer Question

If I were an independent contractor (self-employed) and make approximately $10,000 a month + a annual lump sum of $30,000 before expenses. My expenses are approx. $30,000 plus or minus. And if my wife works as an employee and makes approx. $30,000 a year. We have 3 children 7 years old and under. We own 2 homes with taxes of about $13,000 total for both.

Based on the above information what would be my tax liability?
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

I am going to calculate your self employed income based on $120,000 net and then your spouse's earnings

MyVirtualCPA :

Based on the information you gave, I ran it through the TaxCaster, and I came up with a tax liability of $32,724

MyVirtualCPA :

You can play around with the figures yourself, by going to the following web address:

MyVirtualCPA :

http://turbotax.intuit.com/tax-tools/calculators/taxcaster/

MyVirtualCPA :

The calculation is based on 2012, but the 2013 amount should not vary by much.

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today. Thanks again

Expert:  Megan C replied 3 years ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer