freelancer123
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- Apr 16, 2018
- 21
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I am brand new here and thought it was worth a shot asking my question here. I am looking for some advice on how to figure out some tax/financial details regarding my business. I am a teacher and performer and have learned that I basically own a small business.
I am having significant trouble figuring out the Gross Income i need to make in a year so that I can comfortably pay my taxes, pay my bills and still have enough for savings. It seems like with a significant amount of deductions, modest living expenses and frugal spending, I am still struggling to have anything left over when taxes roll around.
This year I grossed about 90k, and had a net profit of about 13k after deductions. It seems self employment tax is hitting me really hard at the end of the year. I’m trying to figure out if I just need to earn a ton more money to offset taxes and living expenses or I need to show more profits for my business or something else.
How much gross income would I need to earn per year to take home $60k after taxes?
I am having significant trouble figuring out the Gross Income i need to make in a year so that I can comfortably pay my taxes, pay my bills and still have enough for savings. It seems like with a significant amount of deductions, modest living expenses and frugal spending, I am still struggling to have anything left over when taxes roll around.
This year I grossed about 90k, and had a net profit of about 13k after deductions. It seems self employment tax is hitting me really hard at the end of the year. I’m trying to figure out if I just need to earn a ton more money to offset taxes and living expenses or I need to show more profits for my business or something else.
How much gross income would I need to earn per year to take home $60k after taxes?
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