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Am i calculating my tax liablitly right?

Discussion in 'Trucker Taxes and Truck Financing' started by CruzControhl, Jan 6, 2019.

Page 1 of 2
  1. Jan 6, 2019 #1
    CruzControhl

    CruzControhl Light Load Member

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    So im trying to figure out how much ill owe and how the federal taxes work in general so i did an equation
    and just want someone experienced to see if im doing it right.
    If you make $55,000 (dont think i did : ) ]
    You get taxed at 22%
    But then you can take the standard
    deduction of $12,000
    So $55,000× 22% = $12,100 =tax liability
    So $12,100 - $12,000 eqauls $100
    This cant be right no way the governments just wants $100?
    Imputs?
     
    CruzControhl, Jan 6, 2019
    CruzControhl, Jan 6, 2019
    #1
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  3. Jan 6, 2019 #2
    CruzControhl

    CruzControhl Light Load Member

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    Income times (×) tax bracket percentage (%) equals (=) tax liability?

    Tax liability minus (-) standard deduction equals (=) amount owed or refunded? : )
     
    CruzControhl, Jan 6, 2019
    CruzControhl, Jan 6, 2019
    #2
  4. Jan 6, 2019 #3
    TruckerJimbo

    TruckerJimbo Medium Load Member

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    Nope.
    Try income-standard deduction x tax rate = tax liability
    55,000 - 12,000 = 43,000 x 22% (or tax rate on 43,000) = 9,460

    The standard deduction is a deduction off income, not tax owed.

     
    TruckerJimbo, Jan 6, 2019
    TruckerJimbo, Jan 6, 2019
    #3
    KB3MMX, Dave_in_AZ, 06driver and 1 other person Thank this.
  5. Jan 6, 2019 #4
    CruzControhl

    CruzControhl Light Load Member

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    Ahh i just knew there was something wrong with that..id be cool with just giving up $100 : )
     
    CruzControhl, Jan 6, 2019
    CruzControhl, Jan 6, 2019
    #4
    Dave_in_AZ Thanks this.
  7. Jan 6, 2019 #5
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    You takes all the deductions from your gross, but I do like your thinking.;)
     
    Dave_in_AZ, Jan 6, 2019
    Dave_in_AZ, Jan 6, 2019
    #5
    Accidental Trucker and CruzControhl Thank this.
  8. Jan 6, 2019 #6
    HopeOverMope

    HopeOverMope Road Train Member

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    HopeOverMope, Jan 6, 2019
    HopeOverMope, Jan 6, 2019
    #6
    KB3MMX, Waltergac75, Accidental Trucker and 1 other person Thank this.
  9. Jan 6, 2019 #7
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    Dude, spend a couple hundred and go to a professional tax preparer. Probably won't even be that much for a simple return.

    You absolutely do not want to get on the wrong side of the IRS.
     
    Dave_in_AZ, Jan 6, 2019
    Dave_in_AZ, Jan 6, 2019
    #7
    KB3MMX, Highway Sailor and CruzControhl Thank this.
  10. Jan 6, 2019 #8
    CruzControhl

    CruzControhl Light Load Member

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    Filing single non head of household
     
    CruzControhl, Jan 6, 2019
    CruzControhl, Jan 6, 2019
    #8
  11. Jan 6, 2019 #9
    BrandonCDLdriver

    BrandonCDLdriver Road Train Member

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    I'd like to take my standard deduction off of taxes owed. Can I do that?
     
    BrandonCDLdriver, Jan 6, 2019
    BrandonCDLdriver, Jan 6, 2019
    #9
    CruzControhl Thanks this.
  12. Jan 19, 2019 #10
    Electric

    Electric Bobtail Member

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    For an estimate go here:
    Income Tax Calculator - Tax-Rates.org
     
    Electric, Jan 19, 2019
    Electric, Jan 19, 2019
    #10
    KB3MMX and CruzControhl Thank this.
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