income taxes help


Where can I obtain a copy of the IRS tax form for individual business tax bracket?

Please dont refer me to the IRS website, unless its specific. that site has more stuff i can barely search on. I just need to know what are the tax brackets for filing tax where I am self employed working for a small self owned business with no employee. Thanks!

Public Comments

  1. IT ALL DEPENDS ON THE MONEY YOU MADE THAT YEAR
  2. The tax brackets are based primarily on your filing status (married filing jointly or separately, head of househould, and single). Your employment status doesn't have much to do with the bracket system that is used, although your deductions will determine where you fall within the brackets. As a self-employed person, YOU WILL be required to pay both sides of Social Security (filed through SECA for self-employed folks). This is an additional 15.3% on top of your federal and state income taxes, although part (1/2) of this amount is deductible as well. The link to the IRS brackets are below. Good luck! Ken Clark Certified Financial Planner
  3. Since you are self-employed you must file if you make more than $400 in any tax year. Here's a link to IRS Pub 17, Your Income Tax. http://www.irs.gov/pub/irs-pdf/p17.pdf It will get you started and will identify other forms and publications that you may need. You can access any of them at http://www.irs.gov/formspubs/index.html?portlet=3
  4. Ok, with being self-employed, you will have to pay regular income tax, and self-employment tax. Self-employment (SE) tax rate is very simple, it is 15.3% of 92.35% of net self-employment income if the net self-employment income exceeds $400. If you happen to be very successful at your business and make over $97,500 in net profit, then the SE tax changes from 15.3% to 2.9% (Social Security tax stops when earned income reaches $97,500 for 2007). Besides the SE tax, you will have to pay regular tax, and the tax rates/brackets are as follows. 10% bracket MFJ - 0 - 15,649 Single - 0 - 7,824 HOH - 0 - 11,199 MFS - 0 - 7,824 15% bracket MFJ - 15,650 - 63,699 Single - 7,825 - 31,849 HOH - 11,200 - 42,649 MFS - 7,825 - 31,849 25% bracket MFJ - 63,700 - 128,499 Single - 31,850 - 77,099 HOH - 42,650 - 110,099 MFS - 31,850 - 64,249 28% bracket MFJ - 128,500 - 195,849 Single - 77,100 - 160,849 HOH - 110,100 - 178,349 MFS - 64,250 - 97,924 There's also 33 & 35% brackets, let me know if you want those brackets as well.
  5. Your income from your business as you describe it would go on your personal tax return. You'd put th4e business income and expenses on a schedule C, then that net would go onto your 1040. It's taxed at the same rates as any other personal income, there aren't special business rates unless you are incorporated. See http://www.irs.gov/formspubs/article/0,,id=164272,00.html for the rates, which depend on your personal situation. This reference is for income tax. You will also pay self-employment tax of around 15% of your net - that's for social security and medicare. Depending on where you live, there could also be state and/or local taxes.
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