Tax estimates for 1099 without withholding
I'm married and the sole-provider for my household which includes three children. I contract for The Palladium-item and made ,556.00. I am self-employed, so I was paid through a 1099. I drove about 12,000 to 14,000 miles last year.
How much taxes will I pay for federal and state? Can I take deductions for mileage? I would like to know if you can give me a rough estimate of the amount I would get.
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Since you have added the state tag since Pete B. wrote his answer, I'll answer the state income tax portion.
How much taxes will I pay for federal and state?
According to Virginia you must file if you earned over ,900, which you did not. So you should not have to pay any state taxes. It's worth filing if Virginia offers any credits that you qualify for. You can find the list here.
As you did not provide the info I cannot comment on your state tax liability.
With the income you indicate, you are just better off doing a 1040EZ. Your tax liability will be zero from your income. Up to and including ,700 is tax free if you are married and filing jointly, you earned significantly less than that.
Additionally, you will be provided 8 from the Earned Income Credit benefit. So it pays for you to file as soon as possible. The sooner you file, the sooner you will have 0 in your pocket.
A number of sites will allow you to file a 1040EZ for free and will offer you your refund now as opposed to waiting a short time (typically less than 2 weeks during this time of the year). I would advise against this as the fees for this short term loan are an effective predatory interest rate.
EDIT: OP said he had three children after an edit to the original question. He'll have to a 1040A, and the work won't be much different then a 1040EZ. However, with the amount of kids he would have gotten more money from the EIC had he earned more.
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