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TAX QUESTION

L

lenray

Well-known Member
Dave H Mi. OTHERS. I HAVE 9 TRACTORS.
I am an old geezer--73--have a little part time job. 2016 made 17K paid 1300 Fed. Tx.
2017 made 13 K and paid 700.00 fed. taxes.
So far this year made 800.00 and no fed. tax.
Have an AGI of 85K last year.
Looks like I will not be paying any Fed. Tx. on my little part time job. Concerned about April 15 th.2019.....Any thoughts??????
 
I will be interested to see if others are better detectives than I am, but I cant opine without lots more info. Was the 17K and 13K gross or net? So averaging around 1250 per month of net if indeed the 17 and 13K are net on the part time job Then you mention you had an AGI of 85K, or 72K beyond the part time job. So you are wondering about your 2018 tax liability now. Not sure how the 9 tractors play in to things. About the only thing I can say is that the increase in the standard deduction may help you especially if you are married.
 
OK gross on the part time income. QUESTION is on the 2019 taxes--NOT 2018. THE 9 tractors to try and be legal on this forum.
With the new tax law it appears I won't be paying federal taxes on the little part time job and was wondering how that will affect me when I figure my taxes in April of 2019...
 
Happy to look at that for you, but you need to send it to my e-mail. I am going to want a little more info than you are giving me here. There is just not enough info provided and the info is not clear enough to come up with an answer. When you say part time job, are you given a W-2 or 1099? When you say made $17K and paid $1300 is that withholding taxes or did you end up paying on Form 1040. Your question sounds simple, but without more info and a clearer understanding, any answer is a guess at best. Send it to me in an email, no charge.

Dave H(MI CPA)
 
Lenray ...... ah, so now you will be fending off the tax people as well as the YT police for posting off topic. You'll end up in jail either way, they are usually pretty lenient with a guy who's 73. I'd run out and get myself a good lawyer if I were you .... ha !!!
 
I must be doing things wrong as I always thought you pay fed. income taxes based on your AGI.
Income here income there income from anywhere all added up to come up with AGI.
Then taxed.
???
 
I think a lot of people just look at the bottom line of their 1040 for total tax that a tax preparer presents them. Self employment tax and income tax along are actually two different taxes but all get added together. I haven't made enough taxable income last years to pay income tax but it doesn't take much income from self employment to have to pay self employment tax which of course is social security tax.
 
If you have to pay taxes on your part time job depends on weather you are getting a W-2 or not. If so, FICA taxes will already have been taken out. If you get a 1099 and no W-2 you will most likely have to pay self employment taxes, which is FICA . No likely you will make enough to have to pay income tax from your figures. I know, out of my element here but have been doing my own taxes since 1957.
 
I have a question, when doing the social security worksheet to see whether or not one owes taxes on it is it figured as part of the AGI and that AGI used on the worksheet or is it left out of the AGI on the worksheet even though I list the amount of ss income received? Last couple of years I was sent a refund on what I sent in as according to my figures I owed some taxes. I have done my own taxes for 50 years and always before they apparently were accurate and never questioned. I can only figure I must be doing something wrong on the worksheet. Thanks
 
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