Originally Posted by FwdFtl
Just saw this, ouch.
If it makes you feel any better, my uncle and his wife pay around $40k that time of the year...BUT they do make about $500k annually
If that's true he's they had better get ready for an audit and lots of interest and penalties.
They likely pay in via W2 AND write a $40k check. My guess is that their total federal taxes should be in the hood of $100 & $200k depending on their situation. Would likely be right in the middle if they have a simple return.
I haven't seen a refund since 1999.
BTW, don't ever feel sorry for anyone who pays taxes on $500k or more of revenue.