How much will taxes will I owe?

Roparadise · Sep 29, 2012

In 2010, I had no job but did cash out a annuity of $105,000, I ran a tax calculator and it showed I would only pay about $9,100 to the IRS. Is this about right or would I have to pay more in taxes,not including interest? I didn't file yet from 2010,and the IRS sent me a letter,telling me I need to file.

Checkmate · Sep 29, 2012

I would just call the IRS: http://www.irs.gov/uac/Telephone-Assistance

$9,100 seems pretty low since that is about 10 percent of 100k, business tax is usually around 20-30%

ugjunk · Sep 29, 2012

Why don't you contact your accountant or tax guy?

closedCaption · Sep 29, 2012

I would say around 30-40 percent, ask accountant for correct amount.

Tsmash · Sep 29, 2012

Why don't you just contact a CPA or Tax Accountant? No one can answer this question without knowing if it was your only income, if you own your home, if you have children, if you are married, what the annuity is for, if you are a student, if you previously owed the IRS plus a million other factors. No one here is going to be able to tell you, especially without a shitload more information.

IamNRE · Sep 29, 2012

LoL... how are we meant to know?

We are marketers not accountants.

Join a account forum and ask them... or better yet, call a local account and see what he says.

Next thing you know there will be people making threads about how they should do a operation on a dog.

/// rant

loclhero · Sep 29, 2012

Roparadise said:
In 2010, I had no job but did cash out a annuity of $105,000, I ran a tax calculator and it showed I would only pay about $9,100 to the IRS. Is this about right or would I have to pay more in taxes,not including interest? I didn't file yet from 2010,and the IRS sent me a letter,telling me I need to file.

Hard to say. Depending on details you might pay capital gains which is lower than income tax. But dude, it doesn't matter since you're fucked anyway. You haven't filed 2010 or 2011 taxes? You are so fucked if you made any kind of money. You are going to owe the tax, the penalties and the interest. You need an accountant big time.

Hadouken · Sep 29, 2012

IamNRE said:
LoL... how are we meant to know?

We are marketers not accountants.

Join a account forum and ask them... or better yet, call a local account and see what he says.

Next thing you know there will be people making threads about how they should do a operation on a dog.

There are many members of BlackHatWorld who are certified accountants, or expert tax preparers. This is the business and tax advice section, so it isn't unreasonable for him to expect to get advice from here.

Most of the people on this forum have outside jobs and education, and are not just uneducated "marketers." We have lawyers, accountants, realtors, and teachers that I know of for certain as members. I am sure we even have doctors as part of BHW.

The problem with this information, is that not even an accountant or professional tax preparer can let him know if it is correct or not.

If we are talking about a value of $9,000+, then it is certainly worth investing $500 into a professional to prepare the return for you and discuss all of your options and ways you might be able to lessen your tax burden.

DarkMeta · Sep 29, 2012

Ask you'r accountant it will be around 40%

ipwned · Sep 29, 2012

You gave us no valuable information on anything that contributes to calculating your taxes.

Therefore, you will get no valuable reply.

Roparadise · Sep 30, 2012

ipwned said:
You gave us no valuable information on anything that contributes to calculating your taxes.

Therefore, you will get no valuable reply.

I made no money from any kind of job in 2010 nor had any business or website that earned me money. I only cashed out on an annuity that I was the beneficiary for in 2010.

SmileAtmyWins · Sep 30, 2012

loclhero said:
Hard to say. Depending on details you might pay capital gains which is lower than income tax. But dude, it doesn't matter since you're fucked anyway. You haven't filed 2010 or 2011 taxes? You are so fucked if you made any kind of money. You are going to owe the tax, the penalties and the interest. You need an accountant big time.

Valuable advice right here. probably the most factual. Contact an account to determine what you owe altogether.

Dark Knight · Sep 30, 2012

Its depends on which city, state, country, and other stuff. So I would say you gotta pay around 35% to 40%. Contact your local accountant for more details.

dannyduberstein · Sep 30, 2012

Dark Knight said:
Its depends on which city, state, country, and other stuff. So I would say you gotta pay around 35% to 40%. Contact your local accountant for more details.

dam that would suck...

Tsmash · Sep 30, 2012

dannyduberstein said:
dam that would suck...

That's what anybody who makes good money pays. I am in the second highest US tax bracket so I owe 33% of my earnings to the government for income tax and another 13.3% of my income to the government for the self-employment tax.

Dark Knight · Sep 30, 2012

dannyduberstein said:
dam that would suck...

I paid 43% nothing can't do about it.

Tsmash said:
That's what anybody who makes good money pays. I am in the second highest US tax bracket so I owe 33% of my earnings to the government for income tax and another 13.3% of my income to the government for the self-employment tax.

Yup I paid 43% overall, NYC taxes are bit high

Junkfood00 · Sep 30, 2012

IamNRE said:
LoL... how are we meant to know?

We are marketers not accountants.

Join a account forum and ask them... or better yet, call a local account and see what he says.

Next thing you know there will be people making threads about how they should do a operation on a dog.

/// rant

Because people here do business all the time? It's common sense that anyone operating a business does have a bit insight in accounting, as you see here many telling him the playing factors. Now the guy didn't know that, he thought it was just a matter of percentage. Then this forum is specifically for "Business & Tax Advice".

puneetas3 · Sep 30, 2012

Going by the experience you have to pay atleast 65% as tax and with other factors coming into play it can rise upto 75%. Just joking go the hell out of your room and get a real accountant.

How much will taxes will I owe?

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