# Made 125k last year driving



## DontGoToPaterson (Mar 15, 2019)

How much should i expect to payvin taxes?


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## jfinks (Nov 24, 2016)

Depends on what your net income is after deductions for mileage and expenses. Totally guessing here, but say you averaged 1.50 a mile, that means you drove 83000 miles or so last year. You will get a 48000 deduction for that. Your net would be about 76000. You'll pay 15% off the top of that in SE tax so that is about $12000ish. You can deduct half of the SE tax so your fed taxable is 70000ish - a 12000 personal exemption. So that is 58000, which you'll owe around $10000 Federal. TX doesn't have state tax right? So you are good there. So I'd say you are on the hook for about $22000 ish.


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## Older Chauffeur (Oct 16, 2014)

Have you been paying quarterly estimated taxes? If not, the IRS will likely penalize you.


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## Ted Fink (Mar 19, 2018)

You'll pay your tax bracket (mine is 12%) plus 15.3% self employment tax on the net profit of your schedule C (after all deductions)


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## Stevie The magic Unicorn (Apr 3, 2018)

Older Chauffeur said:


> Have you been paying quarterly estimated taxes? If not, the IRS will likely penalize you.


If it's your first year you're supposed to, you won't get penalized.


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## Gone_in_60_seconds (Jan 21, 2018)

DontGoToPaterson said:


> How much should i expect to payvin taxes?


how many miles put on the vehicle to make that gross salary?


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## Older Chauffeur (Oct 16, 2014)

Stevie The magic Unicorn said:


> If it's your first year you're supposed to, you won't get penalized.


In my reading on an IRS website I found some exceptions, but not the one that you have described. Do you have a link to that rule? Thanks.


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## Stevie The magic Unicorn (Apr 3, 2018)

Older Chauffeur said:


> In my reading on an IRS website I found some exceptions, but not the one that you have described. Do you have a link to that rule? Thanks.


Crap, I got it slightly off. if you had ZERO tax liability in the pervious year you are exempt. I think in the past it was more vague and just stated if it was your first year making quarterly payments.

But if you filed and didn't owe $1,000 last year you won't get penalized.

the other exemption is if you pay 90% of what you owed last year you won't get penalized.

Let's say that in 2020 you owed $2994. And in 2021 you paid $2694

You wouldn't get the penalty because you paid 90% of what you owed in 2020. Even if you ended up actually owing $3894 and only paid in 2694.

Regardless... If you didn't owe 


Either way this is a moot point, id' be shocked if they had enough in taxable profit to even wipe out the standard deduction.


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## Go Uber or Go Home (Jul 13, 2016)

$125k? pics or it didnt happen


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## Older Chauffeur (Oct 16, 2014)

Stevie The magic Unicorn said:


> Crap, I got it slightly off. if you had ZERO tax liability in the pervious year you are exempt. I think in the past it was more vague and just stated if it was your first year making quarterly payments.
> 
> But if you filed and didn't owe $1,000 last year you won't get penalized.
> 
> ...


I think the $1000 applies to the current tax filing-
Avoid a Penalty
To avoid a penalty, pay your correct estimated taxes on time. Find how to figure and pay estimated taxes.

You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:


Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.


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