CURRENT SITUATION
Gross Income of $100,000
in the US x 30% withheld in federal taxes ($30,000 taxes paid).
EXPENSES
Agent Fees (10%): $10,000
Management Fees (10%): $10,000
Air Travel: $15,000
Hotels: $5,000
Artists Styling & Grooming: $2,000
Marketing/Advertising: $2,000
Insurance: $500
Uber & Taxi: $1,000
Meals: $3,000
Total Expenses: $48,500
TAXABLE INCOME
$100,000 Gross Income
– $48,500 Expenses
$51,500 Taxable Income
TAX RATE BREAKDOWN
$1,1160 $10% on first $11,600)
+ $4,266 (12% on next $35,650)
+ $957 (22% on next $4,350)
= $6,383 tax due
REFUND CALCULATION
Federal tax due: $6,383
Federal tax already paid: $30,000
Federal Refund Due: $23,617