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Submitted 340 days ago...

melton_614

New User (1)

What do I do as a self employed nanny?

I am a nanny. I need to know how much I have to put away so I am good at tax time. I make $500 per week. I have only been doing this since September 3, and worked at a preschool for the rest of the year. I made $14 per hour then. I would like to know what bracket I'm in, and how much I would be expected to pay for the year, please. Thank you.

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Answer 1 / 2

Submitted 340 days ago...

Jodi-Mesa

Brain (2,795)

Tax Brackets:

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

You can use your pay stubs to determine the exact amounts, but here's an estimate based on your info:

36 weeks at $14/hour assuming 40 hours a week: $20,160.
16 weeks at $500/week: $8,000

Total income, 2007: 28,160

So if you were not married (Schedule X) you would owe 782.50 + 0.15(28,160 - 7,825) = 3,832

You can figure this out with the exact amounts. Good luck :)

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Answer 2 / 2

Submitted 340 days ago...

2boys31

Beginner (10)

Also a good rule of thumb for self employed persons to withhold 15% of your income out to cover your taxes. i did that and never had to pay.

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