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I am trying to figure out the net income from the following…

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Hi. I am trying to...
Hi. I am trying to figure out the net income from the following part-time jobs in MARYLAND and then the total net income. If possible, will you please send me how you arrived at the figures (the calculations for all taxes/deductions/state taxes) . Also, please note that partial income is received from working on a farm. I am not sure about farmers, etc. or "help" on a farm factors into taxes. Thank you. Felicia1.) Babysitting
Income: $590 per month (estimate)
2.) Working on the Farm
Income: $465 per month (estimate)
Total: $1,055 per month (estimate)
Submitted: 10 months ago.Category: Tax
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Answered in 33 minutes by:
9/26/2017
Tax Professional: Lev, Tax Advisor replied 10 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,311
Experience: Taxes, Immigration, Labor Relations
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Assuming all income will be your wages and will be reported on W2 forms.

In this case - your gross estimated income

$1,055 * 12 = $12660

As you likely single - you will deduct

- standard deduction - $6350

- personal exemption - $4050

After deduction - net taxable income $2260

As you will be in 10% tax bracket - that income will be subject to

$220 - federal income tax

$50 - MD state income tax

Total estimated tax liability $270.

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Customer reply replied 10 months ago
I am sorry. I just realized I did not notate that both income sources are from self-employment, therefore, no w/2.
Customer reply replied 10 months ago
Also it is a separated woman with one child under 18 years old (going thru a divorce now)- so she would be head of household - if possible..
Tax Professional: Lev, Tax Advisor replied 10 months ago

Self-employment income will be subject to BOTH income taxes and self-employment taxes.

However - only NET business income is taxable.

If that amount $12660 is NET income - after all business related deduction - it will be subject to 15.3% self-employment tax

or $12660 * 15.3% = $1936

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Customer reply replied 10 months ago
Are you able to breakdown what the monthly deductions would be for each business/self-employment? Another words, please advise to the breakdown of each self-employ pat-time job..
1.) Babysitting
Income: $590 per month (estimate)**what is breakdown and how you arrived at the number?
2.) Working on the Farm
Income: $465 per month (estimate)**what is breakdown and how you arrived at the number?**with farming - assisting picking crops - are there any tax breaks?
Tax Professional: Lev, Tax Advisor replied 10 months ago

Actually - tax liability is based on total ANNUAL income - not monthly income and not separately for each income type.

As we already discussed

If both are self-employment income and both are net - after business deductions.

self-employment taxes will be $12660 * 15.3% = $1936

.

As you will be filing as a head of household with ONE dependent child

personal deduction will be more than gross income - and income tax liability will be zero.

Because of dependent child - there will be refundable EIC - earned income ~$3400

As that is refundable credit and is due ever there is no tax liability - it will be used to offset self-employment tax liability

and you we may expect additional refund ~$1464

If you want to spread that amount for every month - we may divide is by 12 = $122 monthly in additional refund.

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Tax Professional: Lev, Tax Advisor replied 10 months ago

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If you still have any doubts, need clarification - please be sure to ask.
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