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.![]()


Reply With Quote
Bookmarks