Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Mosquito7778 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121144  
Subject: Self employed withholding? Date: 3/18/2010 12:23 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have some questions regarding how I can figure out if I am withholding enough taxes.
Here are the facts I think are relevant:
Starting this year my wife is a part time independant contractor, anticipating earning about $10000 in 2010.
She continues to collect some Unemployment benefits which should also be close to $10000 for 2010.
For 2009 we got a refund of $1700 primarily because of the job loss in July and purchasing a new house in September.
We have a new dependant as of 2/19/10.
I work a regular employee job.
I would like to just adjust my withholding to cover the taxes for both of us. Am I correct that this can cover any SE taxes she might owe?

I have been working with the IRS withholding calculator, but some things are not clear.
For example when it asks for "total Federal income tax withheld" is that asking just for the "Fed withholding" or do I add up the SS and MEDI amounts as well?

Either way I do it says our anticipated income tax is $0. Does that seem right?

Thank you for any insight,
Mosquito
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement