I’m trying to figure out how much I’ll owe in taxes for 2024 with a mix of W-2 and 1099 income. I’ve used a bunch of online calculators, but none of the numbers seem to match up. Hoping someone here can help me get a clearer picture.
Here’s the breakdown:
I’m single, listed as a dependent on my parents’ taxes, and get a mix of scholarships and Pell Grants for school. Any advice?
If none of the scholarship money is taxable, you’d owe about $2,500 in federal taxes. Does that match any of the estimates you’ve seen?
Reagan said:
If none of the scholarship money is taxable, you’d owe about $2,500 in federal taxes. Does that match any of the estimates you’ve seen?
I’ve seen a few numbers around there. For school, I’m in Georgia.
@Harley
I’m not super familiar with Georgia’s tax rules, but it looks like you’d owe around $700 to the state.
Reagan said:
@Harley
I’m not super familiar with Georgia’s tax rules, but it looks like you’d owe around $700 to the state.
I’ve lived in Georgia my whole life, go to school here, and earned the income here through a part-time job (1099) and an internship (W-2). The Florida income is from a separate internship.
Reagan said:
If none of the scholarship money is taxable, you’d owe about $2,500 in federal taxes. Does that match any of the estimates you’ve seen?
I’ve been taxed around 22% for federal and state combined so far. Do you know how I could estimate my tax refund? I’d like to put it toward what I owe.
@Harley
You’d need to check how much has been withheld for federal and state taxes so far. Subtract that from the $2,500 federal estimate and the state amount to see what’s left.
Reagan said:
@Harley
You’d need to check how much has been withheld for federal and state taxes so far. Subtract that from the $2,500 federal estimate and the state amount to see what’s left.
Got it. I’ll check tomorrow at work. How do I calculate that using the federal numbers?
@Harley
Look at the total federal tax withheld so far and subtract it from the $2,500 estimate. What’s left is about what you’d owe. Ignore FICA taxes when doing this.
Reagan said:
@Harley
Look at the total federal tax withheld so far and subtract it from the $2,500 estimate. What’s left is about what you’d owe. Ignore FICA taxes when doing this.
So the $2,500 would cover all my income (W-2 and 1099 combined)? Then whatever federal tax was already withheld would just be subtracted from that?
Thanks so much for the help—I’ve been in over my head with this, and reading online only made it worse.
@Harley
Yes, that’s the general idea. The $2,500 is an estimate for all your income combined, assuming none of your scholarships are taxable.
Reagan said:
@Harley
Yes, that’s the general idea. The $2,500 is an estimate for all your income combined, assuming none of your scholarships are taxable.
I was able to log in and grab my exact numbers. Here’s the breakdown:
By my math, I’ll have $1,371 withheld for federal and $695 for Georgia by the end of the year.
1099 income: $7,500 (Florida) + $3,500 (Georgia).
I’m still not sure how to calculate the $2,500 you mentioned. Is that a flat estimate for all income, or a combination of state and federal percentages?
@Harley
Good question. The $2,500 estimate is for federal taxes on all your income, both W-2 and self-employment. It’s not a flat rate but an approximation based on your total earnings and tax bracket.
@Reagan
On my pay stub, I see federal withholding, Fed MED/EE, and GA withholding. Based on the 2024 tax brackets, I’m in the 12% range, but it seems like they’re withholding less than they should.
Harley said:
@Reagan
On my pay stub, I see federal withholding, Fed MED/EE, and GA withholding. Based on the 2024 tax brackets, I’m in the 12% range, but it seems like they’re withholding less than they should.
It sounds like your withholdings may need adjusting, especially with the mix of W-2 and 1099 income.
For state taxes, are you a Florida resident studying in Georgia, or do you officially live in Georgia?