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CU tax

Discussion in 'Business & Tax Advice' started by fazeshot, Nov 8, 2009.

  1. fazeshot

    fazeshot Newbie

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    Been doing this for about a month made about 1,500$ so far...... I am using CU and I just always get a cash advance on the checks they send....

    How do I go about figuring how much I'm gonna end up owing around tax time.....

    I have pretty much spent everything i've earned so far (bills and some luxury items)

    What does one suggest I do? certain fraction of consecutive checks I should put aside for taxes? I just dont want tax time to come around and owe way more than I have honestly I wish CU just took tax outta my check ... and this will be my first year filing taxes by myself (father did it for me last year only had a job for 5 days though lol)
     
  2. myrtlebeachdude

    myrtlebeachdude Registered Member

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    Not sure what percentage will be owed in tax, but you can always figure it out in January then wait till april to file. 4 months to cover what you owe if you don't have that much immediately available.
     
  3. fazeshot

    fazeshot Newbie

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    I admit I have been kinda splurging (aside from bills I owe) should I continue then try to make what I owe back around january?


    Open to suggestions on lowering taxes when time rolls around... single living at home still... 22 years old....
     
    Last edited: Nov 8, 2009
  4. Crazy

    Crazy Jr. Executive VIP

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    Depends on your yearly total but, I'd set aside according to this basically (I assume you live in the U.S.)...

    15k/yr = 15%
    30k/yr = 18%
    50k/yr = 20%
    75k/yr = 25%
    100k+/yr = 30-35%

    Those aren't exact, but you get the picture. Try this, just grabbed it off Google after searching "2009 U.S. tax bracket percentages."

    http://www.moneychimp.com/features/tax_brackets.htm
     
  5. bigmoneyX

    bigmoneyX Registered Member

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    put at least 35% aside. if you start making a lot of money look into getting an accountant.
     
  6. multimedia

    multimedia Power Member

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    Dude its smart of you to start worrying about Taxes from the beginning itself :).Just make sure you keep 15%-18% of the money separately for the Taxes.