[Please Help!] I have a Tax question anyone from Iowa willing to give me 5 min of there time?

I Just can not figure this crap out when it comes to Tax and numbers feeling pissed and overwhelmed at this point. I have read Links and tip guides from other Mturk sites. I think I have a idea, Thought I would see if there is anyone else on here from Iowa that has previously paid in. Thank you!

 

Not in Iowa. I always just use a schedule C and SE with a 1040. Your situation could very well be different though. I think you'll probably find people will be hesitant to give any very specific tax advice, but I hope that helps.

 

I was just kind of wondering about what percent people hold back. I know there is 15.3% tax for self employment, and my state tax is 6% How do I find out the Federal % is that all. I guess I am just worried, I do not want to have to owe anything. I do work Full time married with kids, I just started this back in Late April.

state taxes.

 

Gotcha. I think that's going to depend on a lot of things that will vary wildly by person. Fed % will depend on deductions, write offs, and total income. What gets withheld at your full time job will play into this as well if you're just concerned about owing vs. paying. A lot more moving parts than the SE tax or the state if your state has a flat tax. I think you may have trouble getting an good answer here.

 

highjacking this tax thread a bit: is saving about 40% of what's earned enough in most cases to pay back when you don't have like other income being reported? I keep seeing that number pop up so I was wondering if that was the consensus?

 

That is a little bit closer to something that can be answered. Start by figuring out you and your spouse's expected AGI.

When calculating your Iowa income tax, keep in mind that the Iowa state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions.

Qualifying deductions might include an itemized deduction, the Iowa standard deduction, exemptions for dependants, business expenses, etc.

Then look at the Iowa tax brackets. They should look something like this.

For earnings between $0.00 and $1,638.00, you'll pay 0.33%
For earnings between $1,638.00 and $3,276.00, you'll pay 0.67% plus $5.41
For earnings between $3,276.00 and $6,552.00, you'll pay 2.25% plus $16.38
For earnings between $6,552.00 and $14,742.00, you'll pay 4.14% plus $90.09
For earnings between $14,742.00 and $24,570.00, you'll pay 5.63% plus $429.16
For earnings between $24,570.00 and $32,760.00, you'll pay 5.96% plus $982.47
For earnings between $32,760.00 and $49,140.00, you'll pay 6.25% plus $1,470.60
For earnings between $49,140.00 and $73,710.00, you'll pay 7.44% plus $2,494.35
For earnings over $73,710.00, you'll pay 8.53% plus $4,322.35

 

30K, single, standard deduction should be around 7400 in Federal + SE. That works out to 24.6%.

Obviously this depends on a number of other factors and that percentage rises with income.

 

I usually sleep on my right side or on my belly.