I know without actually seeing my return most can’t say for sure but I paid 31k in federal tax on 147,000$ of income in upstate New York for 2024. Every estimated calculator I ran it through with the standard deduction (my deductions were even more than standard) was putting me in the 21-26,000 range. 32 just seems steeper than I’m used to especially given the deductions and everything. I think my accountant said it was 121k of taxable income after deductions we did. Does 32k seem accurate?
Is this a regular amount owed on this much income?
byu/Late_Age3213 intax
Posted by Late_Age3213
4 Comments
W2 income or 1099?
I think these questions will help us help you out more.
What were the following lines on your return?
Line 11 – AGI
Line 12 – standard or itemized deductions
Line 13 – Qualified business income deduction
Schedule 1, line 3 – business income from Schedule C
And lastly did you pay quarterly estimates or all at once at year end?
So then you only owe federal tax of about 15k. Most of that tax you are paying of that 31k balance is from SE tax. Does not change what you owe but I hope that helps you understand it better.
$147k in NY Self Employed
$21k SS/Medicare
$22k Federal
$8k State