In Maryland, how much taxes would I pay if netted $50,000?

[permanentvacation]

Does anyone know approximately how much taxes I would owe if I claim $50,000 for the year income after I write everything off? I live in Maryland. And, would I have to pay taxes throughout the year or just after I file my taxes at the end of the year?

[Unregistered]

Does anyone know approximately how much taxes I would owe if I claim $50,000 for the year income after I write everything off? I live in Maryland. And, would I have to pay taxes throughout the year or just after I file my taxes at the end of the year?

You'll need to know how much in write offs to figure your self employment and regular taxes. If you can estimate do a mock 1040.
You need to pay taxes quaterly. Look up estimated tax payments.

[permanentvacation]

After write offs or if I don't write anything off. If my net profit is $50,000, what would my taxes be and would I pay them all at once after I file taxes at the end of the year, or file estimated taxes quarterly throughout the year?

[Unregistered]

I would do a mock 1040. You'll need to in order to get the right amounts. You can look at tax tables from 2014

[permanentvacation]

I found a website for estimating taxes. It said that I would need to pay about $860 quarterly.

Thank you for suggesting that I look up estimated tax payments.

[Josiegirl]

Wow, I make a lot less than that and my CPA said to pay 1500 quarterly to federal and 125 to state.

[MyAngels]

I posted on your other thread in the tax section, but don't forget to estimate for self-employment taxes, which are 15.3% of your net income currently.

[Unregistered]

I found a website for estimating taxes. It said that I would need to pay about $860 quarterly.

Thank you for suggesting that I look up estimated tax payments.

Your welcome! My first year I didn't pay any... it was terrible.