|
|
| *Loan,banking and credit>>>tax calculator |
Tax calculator says I will have to pay $1000 in taxes but I deduct $500 from 1040? |
So, will I have to pay the $1000 or the one half of self employment tax? ($500) and will this $500 effect my EIC? The one-half deduction for self-employment tax is a "deduction" and not a "credit" so the actual tax effect will be much lower. For example, if you are in the 15% bracket, a $500 deduction will only reduce your taxes by $75 ($500 x 15%). EIC is calculated on Self-Employment Income and AGI and you get the lower amount. The $500 deduction does reduce your AGI. i think you should go to www.expresstaxrefund.com and use the calculator on the website. it is better to take an advice from an expert http://www.jdoqocy.com/click-1167113-104... |
| Tags |
| tax accounting tax advice tax attorney tax bracket tax calculation tax calculator tax credit tax cut tax deduction tax department tax evasion |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |