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Calculating taxes

Discussion in 'Taxes' started by Ctp1224, Jan 11, 2017.

  1. Ctp1224

    Ctp1224 Member

    Location:
    DMV
    What's the estimated taxes per $1000 earned should I expect to pay?
     
  2. Older Chauffeur

    Older Chauffeur Well-Known Member

    Location:
    Simi Valley Ca
    Difficult to say. It depends on your Adjusted Gross Income, filing status, deductible expenses related to business on Schedule C, deductions on Schedule A, number of dependents, just to name a few. If you make a net profit of at least $400 from self employment, you will owe FICA tax of 15.3% on your profit, in addition to income tax. Also, did you have income from other sources, maybe with payroll taxes withheld, or other 1099 income from investment or bank accounts?
    You won't know until your return is finished what the tax rate will be.
     
  3. Mears Troll Number 4

    Mears Troll Number 4 Well-Known Member

    Location:
    Orlando-ish
    Driving:
    Taxi
    It also depends on how low the uber rates are in your market and what % of your trips are surge trips and how good your mileage log is.

    In NYC you will end up owing a lot in taxes, in Orlando or Norfolk Virginia you may not end up owing anything at all.

    If you drove more than 1852 miles for every $1000 you earned you won't owe anything.
     

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