Re: Never paid taxes before... how much should I expect to pay?
If you made $60K in income and have no deductions or exemptions other than a single personal exemption (after taking the gambling loss deduction), you would have a federal tax liability of around $10,500.
My understanding is that if you file as a pro, you would have to pay self-employment payroll tax. I'm sure this amount would be much larger than anything you would save by netting your wins and losses and taking the standard deduction. So I'm not sure why you would want to file as a pro.
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