Posted on: 17th Sep, 2007 05:21am
As a responsible citizen, you need to pay taxes to the government. Whether you are a salaried person or a self-employed person, you need to file your tax returns. At the same time, you should also know how to calculate your taxable returns from your tax returns. You can do that on your own or you can also take the help of a tax consultant for doing that. Here are the steps to find out your taxable income.
- Calculate your gross income. Your gross income may include wages, salary, taxable interest, alimony received, taxable IRA distributions, taxable pensions and annuities, taxable social security benefits etc.
- Calculate your adjustable gross income. This is done by deducting the adjustments allowed by the IRS such as educator expenses, the IRA deductions, student loan interest deduction etc.
- Calculate your taxable income. This is done by subtracting standard deductions such as RA contributions, charitable contributions, mortgage interest, large medical expenses etc. from your adjustable gross income.
I need to know how to calculate income from tax returns
If you're self employed it's based on the schedule C......net income adding back in depreciation.......If you are a w-2 wage earner it's based on your gross earnings and not the 1040
Hi Bthair,
To calculate the income from your tax return, you may refer to a calculator at : "http://www.dinkytown.net/java/Tax1040.html"
To calculate the income from your tax return, you may refer to a calculator at : "http://www.dinkytown.net/java/Tax1040.html"
Hi Bthahir,
In order to know your income after paying off the tax, follow the steps mentioned below:-
In order to know your income after paying off the tax, follow the steps mentioned below:-
- First of all you need to figure out your gross income from various sources like wages, salary, taxable interest, alimony received, taxable IRA distributions, taxable pensions and annuities, taxable social security benefits etc.
- Calculate the adjusted gross income after deducting the adjustments allowed by the IRS like educator expenses, the IRA deductions, student loan interest deduction etc.
- From the adjusted gross income, subtract the following to determine your taxable income.
1. Either the standard or the itemized deductions (IRA contributions, charitable contributions, mortgage interest, large medical expenses etc.) according to your filing status.
2. Personal exemption ($3,400 in 2007 for each person financially dependent on you).
- You get to know the amount of tax (tax returns) you pay by multiplying your taxable income with the tax bracket under which you fall. To know your tax bracket refer to http://www.irs.gov/formspubs/article/0,,id=164272,00.html
- Your net income is there with you after deducting the tax returns from your taxable income.
I am trying to estimate how much I will be getting back when I file come January. I will have grossed about $16000, making my net a little over $12000. I can find no info on how to calculate this, so any help would be appreciated. Thanks!
Hi qcmj!
Welcome to forums!
You can contact a tax adviser and he will be able to help you in this matter.
Sussane
Welcome to forums!
You can contact a tax adviser and he will be able to help you in this matter.
Sussane
how much will my tax refund be married filing separate o $9,700 net income
Hi greensburgman!
Welcome to forums!
You should contact a tax adviser and he will let you know how much your tax refund can be when you're married and filing the taxes separately.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact a tax adviser and he will let you know how much your tax refund can be when you're married and filing the taxes separately.
Feel free to ask if you've further queries.
Sussane