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Author: blackmare Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308686  
Subject: Re: It does hurt sometimes Date: 8/31/2003 11:59 PM
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Well,

So far I've been paying a little over $2K/yr in income tax the past couple years, on adjusted gross income of around $15-$18K. Nobody has come after me yet re: quarterly estimated taxes, and the only penalties I've had are on account of having to file an extension and pay late.

I am blessed not to have to pay state income tax in Florida.

50%??? Are you sure??? My accountant told me to withhold about 30% to stay on the safe side, maybe because he knew I would not be getting into a really high tax bracket at that time (a couple years ago when I started getting mural work for Martha). I did, and the first year I had more than enough to cover everything. Even at that, I feel our tax structure is ridiculous, and especially vicious toward the self employed and toward employers.

If I have to pay 50% taxes I'm going to price myself out of the market just trying to make a living.


Mare
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