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Thread: Tax question

  1. #1
    sun child
    Guest

    Default Tax question

    Working on tax worksheet...

    Say I make 30K a year as an independent contractor.

    It says on the 2007 tax rate schedule that the payment is $782.50 + 15% of the amount over $7,825.

    That's $22,175 X .15 = 3326.25.
    Plus the $782.50.

    Plus 15.3% of the net earnings (30K - 1K deductions = 29K) which is 4437.

    That comes out to 8545.75 total taxes for the year, which is a little over .28 of the 30K gross income!

    Is this right? It seems like a huge number to me.

  2. #2
    sun child
    Guest

    Default Re: Tax question

    I don't think I ever realized how much money I'd actually have to pay. Man this is sort of depressing me.

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