The Tax Questions Blog

Question: How do I calculate my post tax income?

My taxable income is $40,000, residence is in MD and I'm single. Not accounting for Health/dental insurance contribution. I work for a non-profit organization if that makes any difference.
By post tax income I mean after paying federal and state taxes, how much disposable income will I have in my pocket.

Answer: I would calculate it as follows:

Take the selling price of the posts and subtract the purchase price
of the posts. This is your profit and is fully taxable.
Add this to your taxable income. You can also deduct part of
your home as an office if you spend enough time there with post
purchasing and selling matters. Be careful! The IRS is very strict
regarding the home/office deduction.
Just out of curiosity what kind of posts are you selling?

TD Bank Financial Group Reports Third Quarter 2010 Results

This quarterly earnings release should be read in conjunction with our

Getting Help - Ch. 3 - Basic Sales and Use Tax

Related posts

• Taxable Loans
• Taxable Fellowship
• Taxable Events
• Taxable And Non Taxable Benefits
• Student Grant Taxable
• Unrelated Taxable Income
• Unrelated Taxable Business Income