Tax table question

  • Thread starter Friendly person
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F

Friendly person

I filed my tax returns according to the tax tables in the IRS
publications. I checked how much taxes I owed on the tables.

However, as I have now a small business (no employees but myself as
freelancer) I am not sure if that tax table is also in the 1040
instructions is also the tax table for somebody who has a little
business as I do.

Are there tax tables for individuals and businesses or is there just
one tax table?

Kindly,

Ette
 
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Phil Marti

Friendly person said:
I filed my tax returns according to the tax tables in the IRS
publications. I checked how much taxes I owed on the tables.

However, as I have now a small business (no employees but myself as
freelancer) I am not sure if that tax table is also in the 1040
instructions is also the tax table for somebody who has a little
business as I do.
The same tax tables apply to all taxpayers whose taxable income meets the
criteria. That covers income tax.

The bottom line of Schedule C flows to Schedule SE, where you compute
self-employment tax, which is the equivalent of SS and Medicare.

Repeating my earlier remark, I still think a
consultation with an accountant would be a good investment. I'd bet that
you're missing allowable deductions.
 
F

Friendly person

Phil said:
The same tax tables apply to all taxpayers whose taxable income meets the
criteria. That covers income tax.
Thanks.

The bottom line of Schedule C flows to Schedule SE, where you compute
self-employment tax, which is the equivalent of SS and Medicare.
Thanks also for that.
Repeating my earlier remark, I still think a
consultation with an accountant would be a good investment. I'd bet that
you're missing allowable deductions.
I am looking in this. You might be right. But I also like to understand
taxes myself.
You are a medical doctor? How come you are into taxes?

Kindly

Ette
 
F

Friendly person

Paul said:
No, he lives or works in Clarksburg, Maryland.
That is funny, I thought he is a MD who is interested in taxes. I
appreciate his advice and Phil Marti is friendly. Many people on Usenet
are not.
It's a sad story for most of us.
I agree. Wish the IRS would do something against that paying taxes is
so sad.
Do you have a couple of three hours?
That I don't understand.

Kindly

Ette
 
P

Phil Marti

Friendly person said:
That is funny, I thought he is a MD who is interested in taxes. I
appreciate his advice and Phil Marti is friendly. Many people on Usenet
are not.
Aw, shucks.

Actually, on another forum I participate in there is a doctor who's
interested in taxes. I guess everyone needs a hobby.
I agree. Wish the IRS would do something against that paying taxes is
so sad.
I got into taxes because IRS offered me a job in 1971. Retired in 1997. On
balance a very happy story for me.

Don't be too hard on the IRS about complexity. They're stuck with the laws
Congress gives them, and they try to make it as easy as possible. Contrary
to popular belief, they are human, so they don't always do as well as they
might, but overall they do a good job of taming a horrible beast.
 
S

Shyster1040

They also don't get paid nearly enough for the malarky they have to put up
with, particularly from highly paid private attorneys and cpas who spend
their time trying to think up crafty little ways of twisting the Code out
of all recognition - a lot of the complexity in the Code itself comes
about as part of Congress' attempt to put a stop to that sort of gaming of
the system.
 
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Paul Thomas, CPA

Shyster1040 said:
They also don't get paid nearly enough for the malarky they have to put up
with, particularly from highly paid private attorneys and cpas who spend
their time trying to think up crafty little ways of twisting the Code out
of all recognition - a lot of the complexity in the Code itself comes
about as part of Congress' attempt to put a stop to that sort of gaming of
the system.





And as adept as we've become at that sort of thing, it would explode any
"simple" national sales tax code before it became effective, if not within
the first year or two.
 

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