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I am single with one dependant and I work on a commission basis, as well as recieve tips. I live in California. Where would I go to figure out how much taxes are withheld from my paycheck, from my reg pay for services as well as how much for tips. (they claim and deduct taxes from tips left for me). I do massage and make 45% of a 65.oo massage. I do, on average, 12 massages a week. I work only part-time. Is there a website that has a table where I could figure this out for myself?
Hi there- If you have a recent pay stub that breaks it all down, this will be pretty easy. You can use the calculator at (Silly site name, I know, but there calculator is great!). It will show you the percentages and automatically calculate SocSec/Disability and Medicare (these are fixed at 6.2% and 1.45%, btw). If you don't have it broken down, you can still estimate fed tax using this calculator. Just put in rough estimates and adjust until you get the exact figures for the fed tax. And since SocSec/Disability and Medicare are fixed, you can put in exact number for these. Hollins state tax you can estimate at trickiest thing will be tips; most employers withhold taxes from tips based on a percentage of sales; e.g., if you are a waiter and sell 1000 of food that night, they assume you have gotten 100 in tips, and that is what you are taxed on. Then you are expected to adjust that when you file your annual return. I don't know how it works for massage, so you may have to ask, if this isn't spelled out on your stub or you can't work it out in estimates. Hope this helps!
I am single and work on a commission basis (only i make 65% of my massages)..... The answer is very simple. You should do quarterly estimated taxes to make sure you dont get behind (and this usually helps to avoid being audited) and take 20% of all your income to send in. At the end of the year you will fill out a final form, explaining when you sent in your quaretly estimates and that you have a dependant....then you get back (or dont) whatever you are owed.
Here you go: