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Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3716
Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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My name's ***** *****. I will soon move to California, where

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Customer: My name's ***** *****. I will soon move to California, where I will work as a 1099 and am trying to forecast how much I will pay in taxes at year end both in terms of State, Federal, and any other types of taxes I will incur. My total income will be roughly 47,500 for the year
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Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

Self employment tax is 15.3%, less 50% deduction = $3,633.75

State income tax for your income bracket will be 8% + $1,360.28 = $5,160.28

Federal income tax: Your income falls into the 25% tax bracket. = $7,646.26

Total taxes: $16,440.29

Keep in mind that the city that you resident of may also charge a business tax. The above taxes do not take into consideration the standard deduction or any other deductions or credits that you may qualify for.

Let me know if I can be of further assistance to you regarding this matter.