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My son just got a job as a merchant marine, he will be

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My son just got...

My son just got a job as a merchant marine, he will be making approximately $71000 per year what should he have withheld?

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He is single, has student loans, does not own a house.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

He lives in maine

Submitted: 8 months ago.Category: Tax
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11/18/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago

As there is only a month and a half left in the year, so his taxes for 2017 should not be that much. However, moving forward, earning $71,000, based on the 2017 tax brackets, your son will be in the 25% tax bracket. The tax on the $71,000 is as follows:

Base amount: $5,226.25 + 25% of the excess over $37.950.

The excess over $37,950 = $33,050.

$8,262.50 is the amount of tax on the excess amount.

$5,226.25 + $8,262.50 = $13,488.75 - Standard Deduction amount for TY 2017($6,350).

$13,488.75 - $,6350 = $7,138.75

Because of the proposed tax changes, as of this point it is not clear what the tax brackets will be for TY 2018.

Filing single with an income amount of $71,000, $7,138.75 is the estimated tax amount. He can make estimated tax payments (divide the amount by 4 and make equal payments). Refer to the following link for more detailed information on estimated tax payments.

https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

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