Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Are you single? Married filing jointly? Do you have any business deductions against the $10k? Do you itemize on schedule A?

Remember you get to pay the other half of social security on Schedule SE. That's about 15.6% right there. If you haven't got any deductions and your single, tack on 27.5%. But you get to deduct 1/2 the self employment tax. Oh yes, you're state will likely have it's hand in your pocketbook too. Get down to the store and buy a copy of Turbotax and start inputting some numbers.
Print the post  

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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.