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My husband just got a new job and went from w2 to a 1099…

My husband just got...

My husband just got a new job and went from w2 to a 1099 form. He lives in South Carolina but his employer is in NY. we are trying to figure out how much money we will need to put back out of every year for his taxes

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

His pay is suppose to be $2,000.00 a week.

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Answered in 6 minutes by:
3/20/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,310
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you.

Estimated income = $104,000

SE Tax = $15,912 (half is deductible, $7,956).

Assuming no other deductions, your adjusted gross income would be $96,004.

Less standard deduction: $24,000

Less 20% of business income under 199A - $20,800

Puts your taxable income at $51,244

Federal Tax Due - $5,768

S/E Tax Due: $15,912

Total Tax Due - $21,680

If you divide that by 4, your estimated payments should be $5,420 each quarter.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 4 months ago
will we also have to pay in taxes in NY?

Yea. New York will come in around $3,074.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,310
Experience: Adjunct Professor
Verified
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