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QUESTION DETAIL
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I work as an Independent Contractor and I am single and own a house. My income has fallen in comparison to the last two years. My income may only tip at about $40,000 for 2009. How much taxes will I have to pay come April 2010? I live in Buffalo, New Yo
ANSWER
The BIDaWIZ Team's Answer:
You will report your business income, andexpenses, on Schedule C, of
your Foem 1040. Your standard deduction amount is $5,700, and your exemption
amount is $3,650. So if you have no other deductions, your estimated taxable income
is: $30,650. Thus, your estimated tax liability is: $4,178.75.
