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Asked 12/18/2007
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What do I do as a self employed nanny? I am a nanny. I need to know how much I have to put away so I am good at tax time. I make $500 per week. I have only been doing this since September 3, and worked at a preschool for the rest of the year. I made $14 per hour then. I would like to know what bracket I'm in, and how much I would be expected to pay for the year, please. Thank you. |
Answer 1/2 - Submitted 12/18/2007
Tax Brackets:
http://www.irs.gov/formspubs/article/0,,id=164272, 00.html
You can use your pay stubs to determine the exact amounts, but here's an estimate based on your info:
36 weeks at $14/hour assuming 40 hours a week: $20,160.
16 weeks at $500/week: $8,000
Total income, 2007: 28,160
So if you were not married (Schedule X) you would owe 782.50 + 0.15(28,160 - 7,825) = 3,832
You can figure this out with the exact amounts. Good luck :)
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