Hello. I am depressed after I came from a CPA tax agent but as my friends told me its not possible that I could pay such taxes. I would be really grateful if someone could help me with my tax math. Let me get you into my situation.
- I am 24 years old
- I live in New York - LI
- I started an S-Corp this year so I am a self employment,
- I get the 1099 form from the office that im working for,
- I have a spouse who does not have SSN-just ITIN, no income
- My income is 29k after deductions such as fuel, insurance etc.,
- I am still on Medicaid health insurance but it ends in one month
- My annually living costs are about 28k so I am using all the income that my business makes,
So I end up with $0 every month, now as my taxable income is $29k I will lose my insurance so I wont be able to pay for health insurance which is over $300 monthly. I still have to pay tax from the $29k. As the agent told me I have to pay tax for Social/Medicare - 15,3%, Federal - 15%, NY State -5%, I dont think its true. But I end up with no money to pay it, of course I have family who could help but what kind of life is that...
So my question is - Will I lose my Medicaid ins? How much tax will I have to pay? Does my income deduct if my spouse does not have SSN?
Thanks in advance.