Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-23-2010, 03:44 PM
Junior Member
 
Join Date: Mar 2010
Posts: 1
I only made $3,597.65, how come I owe?

I have calculated my taxes...I was disabled 9.5 months in 2009.
I made $3,597.65, paid $118.00 Fed, $223.05 SS, $52.17 medicare, $39.57 Ca-SDI, and $14.00 State. With earned income credit of $273.00 I owe $187.00, with out earned income credit I owe $460.00.
How is it possible that I owe, when I made so little?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-23-2010, 10:15 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
I think something is wrong here, you are entitled both a standard deduction of $5,700 and a personal exemption of $3,650. This would result in Zero taxable income on your Federal Income Tax Return for 2009 based on your W-2 income of $3,597!!

Unless of course your income is subject to Self-Employment taxes, in which case you would be subject to 15.3% self-employment taxes! If you were not self-employed, I would recommend that you consult a tax professional because there seems to be an error in your calculation!

I don't think you should owe any federal income taxes at all!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Nine Common Errors Made on Tax Returns Samatg For 2008 1 01-31-2010 09:59 AM
Ten Facts About Claiming Donations Made to Haiti Samatg For 2009 0 01-26-2010 04:23 PM
Unpaid Loans Made to Dissolved S Corp JohnD S-Corporation 4 02-21-2009 10:05 PM
Are Charitable contributions fully deductible if made through a C corporation? pinky C-Corporation 0 07-15-2007 01:24 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.