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Filing taxes is an important step to complete after every tax year, and it can be done by filling out eith… More
When you make out the payroll checks, there are some deductions that the employee gets before you take out… More
To file taxes accurately, keep payroll stubs, 1099 forms, W2s, receipts for everything that was spent and … More
Thousands of people owe back taxes to the IRS. Many people do not communicate with the IRS to discuss clea… More
You know the old saying about death and taxes. Well, it's true: taxes are an inescapable part of life, so … More
Calculating earnings and taxes requires taking all wages into account, such as contract work that has nece… More
One benefit of renting a house is not having to pay property taxes, but only homeowners are able to reduce… More
Getting an extension to file taxes requires filing a 4868 form by April 15th, which extends the deadline f… More
There are two ways you can file your taxes. You can choose the easiest way for you to file your tax return… More
The penalties for not filing taxes include a late filing penalty and a late payment penalty, both of which… More
Filing taxes electronically can be done through many online services, and the tax refund will reach the in… More
Sometimes there are circumstances that happen beyond your control that cause you to file late taxes. It ha… More
Organization and good record keeping is the main secret to saving money on taxes. Understand what type of … More
When filing income taxes, claim deductions for health savings account contributions, retirement account co… More
To file taxes as a single person, simply check the "single" box in the personal information section of the… More
Summary: Calculating earnings and taxes requires taking all wages into account, such as contract work that has necessitated the reception of a 1099 form. Discover how business profits, pensions, annuities and interest dividends can be categorized as income with help from a tax bookkeeper in this free video on calculating earnings and taxes.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
"Hi we're here today to talk about how to calculate your earnings and your taxes. For your earnings you are going to take into account all of your wages, if you have done any kind of contract work where you have received a 1099, that would be included in your wages. If you have interest dividends that you have been paid, any kind of business profits, pensions, annuities, all these things would be categorized as income so some of them may be taxable, some of them may not be taxable but you would have to report everything that you have received in a way of revenue. As far as your taxes, how to calculate your taxes what you would do is once you have gotten all of your sources of revenue you would follow up and figure out all of your deductions. If your deductions have been taken you end up with what is considered your net taxable income and that's how you calculate your taxes on that amount. You'll take that amount and the tables provided by the IRS and they are typically in your instruction book and you'll find the category that you are filing under be it single, married, filing jointly, etc. and then you will find the amount of net taxable income and if you move across in the tables it will show you the amount of tax that you owe."
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