When I File My Tax’s If I Claim That I Make 15,000 A Year How Much Will I Have To Pay In Tax’s?

chris s on Thu, 24th Dec 2009 12:45 am 



You will owe about $3672 in Federal taxes with the information you’ve provided (Single, parents claiming you as a dependent, self-employment income).
If your parents aren’t claiming you as a dependent, then your Federal tax bill will be about $2617 before penalties and interest.
Because your income is from self-employment, you should have been making estimated payments through the year, you will likely owe a penalty for underpayment depending on when the money was earned during the year. There’s no penality if you had zero tax due for 2007. Next year, make sure to file quarterly estimated tax payments if you expect to have the same or greater income, you take your tax bill from 2008 (before penalties & interest), and divide it by 4. In this case, you would send in quarterly estimates of $920. By paying that amount for each of the four quarterly payments (April 15th 2009, June 15th 2009, September 15th 2009 & January 15th 2010), you will be ‘safe-harbored’ and not have to pay an underpayment penalty even if you make more, and owe a larger tax for 2009.
I hope that helps.

Michael K on Thu, 24th Dec 2009 1:41 am 



If you’re a dependent (you live with your parents and they provide your main support), and your income is self-employment income, then you’ll owe about 1,848.75 (6975 @15%, plus 802.50= 1848.75) before considering anything else. You will have to pay SE tax, (schedule SE), but you’ll also get the standard deduction and your exemption and may qualify for certain credits. You’ll probably end up actually owing very little, if anything.
Good luck. :0)

sumbumbl on Thu, 24th Dec 2009 2:34 am 



If you make 15K and are not a student then your parents cannot take your deduction; if you were a student in at least five months then they can. The 15K needs some explanation; did you have any mileage or business expenses relating thereto? Cell phone? Supplies? Miles before July 1 were good for 50 1/2 cents a mile and after July 1 they are worth 58 1/2 cents per mile? Single and no dependents? Fill in the blanks and I can tell you to the penny what the tax bite is.

acmerave on Thu, 24th Dec 2009 3:20 am 



You don’t “claim” you make any amount. Your taxes will be dependent on actual earnings.
The only caveat to that statement is if you need to pay estimated taxes. At 15k a year, you don’t need to worry about paying estimated quarterly taxes

mark on Thu, 24th Dec 2009 3:57 am 



if that is your net profit and deducting expenses, probably $2200 for the FICA taxes and $500-700 federal income tax, plus state taxes – rough estimates, and you should be making quarterly estimated tax payments for state and fed or you could get penalized for “underwithholding”

Doctor Deth on Thu, 24th Dec 2009 4:31 am 



If the $15k is your net after allowable expenses, then your self employment tax would be $2119, plus federal income tax of $1035 if you are a dependent, or $608 if you aren’t.

Judy on Thu, 24th Dec 2009 4:40 am 



It depends, you may still have deductions and things for business expences, so it will vary.

kittie_k on Thu, 24th Dec 2009 5:28 am 



Well you should get most if not all of your federal taxes back. You might have to pay some state tax but it shouldn’t be too much. You can actually set up a payment plan to pay a few dollars a month to pay your state taxes back. If it is that high. But It really shouldn’t be for you.

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