Assumptions:
Married, 2 exemptions, filing joint, Spouse has no income.
No interest deductions or other personal deductions
used
All deductions are calculated using 2002 charts |
| Line 1: |
Driver made $40,000, averaging $800 per week for 50
weeks. |
| Line 8: |
Driver spent $100 on business cards |
| Line 10: |
Driver used his car for 30,000 business miles @ $.365
deduction ( avg 120 M/P/D) $10,950 |
| Line 17: |
Driver paid accountant $250 for tax prep |
| Line 18: |
Misc. office expenses of $100 |
| Line 20b: |
Driver rented a scanner for $5 per week ( 50 weeks )
$250 |
| Line 23: |
California DMV permit (for example) $120 |
| Line 44a |
Driver drove car for business 30,000 miles and personal
of 3,000 |
| Occupational Accident insurance @ $22 per
week for 50 weeks |
| Cell Phone bill averaging $55 per month |
| Cargo Insurance @ $5 per week for 50 weeks |
| 1040 Line 27 50% of Self Employment
Tax from form Schedule SE $1817.76 |
| 1040 Line 28 70% of family health
insurance $5460 |
| Total Tax due ( if you did not pay any quarterlies)
$4148 |
| Estimated quarterly taxes for
2003 will be $1,037 per quarter ($79 per week) |
| NOTE: The use of Mortgage
Interest deductions and other allowable personal deductions,
such as dependents, can greatly reduce your tax liability
|
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