Posted by: Sexy In Sari March 14, 2021
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That's fine, it seems your friend is a responsible person. BUT when there is an issue of money, a calculation is important before you open your mouth.
Remember, on 30K, he/she has to pay State tax besides Federal Tax(IRS) as well.
Lets do IRS tax:
30K, single, 2020-deduction is 12,400: estimate you will owe $1,914
Now, State tax ( ex. Maryland ) : Estimated State Income tax: $1,126
Your total tax: $ 3,040 If you don't pay full penalties and Interest...Are you ready?
Remember, on 30K, he/she has to pay State tax besides Federal Tax(IRS) as well.
Lets do IRS tax:
30K, single, 2020-deduction is 12,400: estimate you will owe $1,914
Now, State tax ( ex. Maryland ) : Estimated State Income tax: $1,126
Your total tax: $ 3,040 If you don't pay full penalties and Interest...Are you ready?
Now if he/she says made 22k...State tax (as MD example) $746 and IRS tax $960 , total is = $1,706
When you make cash, you are the one who is going to put the number in IRS mouth. 
Last edited: 14-Mar-21 02:41 PM