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Here Are My #S. How Much Do You Think I'll Pay??

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  • Here Are My #S. How Much Do You Think I'll Pay??

    So this is my first year in daycare and I've done pretty well keeping track of expenses since I started in March. I'm sure I've missed a few but I did what I could .

    So I just finished entering everything for the year and this is what I came up with.

    Expenses - $15,000
    Income - $24,500

    And my standard food allowance was around $3,500 for the year and my milage about 2,400 miles
    Time Space Percentage - 48%
    What do you think?? Will I be paying a lot back??

    I'm just freaking out a bit since this is my first year and don't know what to expect.

  • #2
    I'd be surprised if you end up owing. But, know that what you pay is self-employment tax, which is 15.3% of your income after expenses. If you qualify for EIC and/or the child tax credit (which you should) you may end up getting money back.

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    • #3
      How much will you owe?

      It's difficult to know if you will owe money for taxes because of missing information - are you married, have children of your own, do your $15,000 of expenses include expenses for your home, does your income include your Food Program reimbursements, etc.

      If you want to email me directly I can give you an idea of what you might owe in taxes.

      [email protected]
      http://www.tomcopelandblog.com

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      • #4
        Sunflower, did you round all your numbers? They all just look so perfectly even, . I would have to be the sarcastic one and have those extra random numbers.

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        • #5
          Originally posted by Abigail View Post
          Sunflower, did you round all your numbers? They all just look so perfectly even, . I would have to be the sarcastic one and have those extra random numbers.
          Rounded .

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          • #6
            Originally posted by Crystal View Post
            I'd be surprised if you end up owing. But, know that what you pay is self-employment tax, which is 15.3% of your income after expenses. If you qualify for EIC and/or the child tax credit (which you should) you may end up getting money back.
            I'm just wondering about the EIC. My husband and I are both self-employed and both businesses (incorporated) showed a loss last year. His will again and I will have a little profit this year. How do you qualify for EIC?

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            • #7
              Eic

              The Earned Income Tax Credit (EIC) is a tax credit for low income families. To be eligible your family's adjust gross income must be less than $40,535 if you have one child and $45,373 if you have two children. For details, see: http://www.hrblock.com/taxes/tax_cal..._childtax.html
              http://www.tomcopelandblog.com

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