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I work 2 jobs. Want to know my estimated tax I will owe for

2012. I work a retail job...
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.
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Answered in 10 minutes by:
9/6/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,851
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

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 : <table border="0" class="simpletable">

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

Ask Your Own Tax Question

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

Ask Your Own Tax Question
Customer reply replied 4 years 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?

Yes, I used 6500 for the deductions...I'll use the 7300.

That will help.

Be right back with that
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,851
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now

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
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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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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,851
12,851 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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