IC, EM Doc, Deductions in TN
Long time reader, first time poster.
My wife and I are paying quarterly taxes. I am a stay-at-home father and she is an EM doc, we live in TN (no state income, so we will deduct sales tax)
Here is the breakdown of our current situation:
$6,000 in our checking
$28,000 in our savings, but that money is from the "side" escrow account we got at closing [home] from the sellers, between their lawyers and us, with wording in the contract that says it is for home repairs only.(which is what we are using it for, we purchased a home with some damage)
August 1st 17'- Dec 31st 17' Hourly Wages = $146,000
Signing Bonus = $24,000
We did not file in September, because we did not get first check until 09/25.
We have been paying $1,700 a month for Cobra Health insurance since September 1st, which I was reading is deductible. ($6,800 paid by dec 31)
loan origination fee of $999 and property taxes of $5,448.63 and $119.74 of prepaid interest.
Have contributed $7,000 to church missionary not-for-profits
Have paid $36,000 mortgage interest ($6,000~ month)
$12,000 new car taxes
Hundreds of receipts with easily $2,000+ in sales tax on them
We have 1 child (i think we are phased out of this?)
AGI= $106,633 For the year 2017 (the first part of 2017 was W2 employee in medical residency)
$14,758.75 plus 28% of the amount over $75,950
so we are sending in:
$16,314 Self Employment Tax
$8,591.24 ($30,683 x .28)
Am I missing anything? Did i do something wrong, like the self employment tax??
Are we really paying ~37% tax?
thank you kindly.