2006-07-20 11:55:57 · 16 answers · asked by hilda 2 in Business & Finance ➔ Taxes ➔ United States
Yes you have to.The income limit to file for self-employed people is $400. The $8000 or so others are saying is for W2 people.
The bright side is you can deduct almost all business expenses, i.e. car, supplies, advertising, telephone etc.
2006-07-22 09:04:18 · answer #1 · answered by Ren 3 · 0⤊ 0⤋
You will have to pay 15% to social security. I doubt you will owe an income tax. This law was changed a few years ago. If you are self-employed, you must file and pay the 15%.
2006-07-20 12:00:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You haven't mentioned what your filing status is, but if you're single, under 65 and your net income is greater than $8,200, you need to file a return. Self-employment tax is due on your net business income (your total receipts less business expenses), so there's an excellent chance you owe money. Maybe you could pop over to Amazon.com and buy a copy of TurboTax, put in your numbers, and see how things look.
2006-07-20 13:32:03 · answer #3 · answered by SuzeY 5 · 0⤊ 0⤋
Your unearned income became 8 - decrease than 850 do no longer might desire to report Your earned income became 1400 - decrease than 5350 - do no longer might desire to report Your gross income became 1408 -considering the fact that is wasn' extra effective than 1700 (1400 plus 3 hundred) you do no longer might desire to report The final section became if extra effective than the better of 850 or 1700 (1400 plus 3 hundred) and it wasn't extra effective than 1700 so which you do no longer might desire to report. you're actually not required to report, whether if federal and state taxes have been withheld you are able to report and get a reimbursement of all taxes withheld. BTW: in the experience that your wages have been self employed you're required to report a time table SE to pay self employment taxes considering the fact that your gross self employed income became over 4 hundred. the standards you point out on your questions isn't for self employed income.
2016-12-14 10:54:26 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Yes and you might be surprised how much you end up getting back. I own my own business and have never gotten back less than $4000. And with income that low I am sure you are taking a loss on your business which means $$$ for you.
2006-07-20 12:00:16 · answer #5 · answered by ebonybutterfly4u 3 · 0⤊ 0⤋
Yes but there are many breaks for the self employed.
2006-07-20 11:59:39 · answer #6 · answered by dizzy 2 · 0⤊ 0⤋
HI~ IM A TAX PREPARER...AND IM SELF EMPLOYED...YES YOU MUST STILL FILE YOUR TAKES BECAUSE YOU HAVE SOME KIND OF INCOME COMING IN.....ALSO, IF YOU CAN CLAIM A DEPENDENT ( MEANING IF YOU ARE TAKING CARE OF SOMEONE LIKE ANOTHER CHILD OR MAMA) THEN YOU FILE THEM TO....THAT WAY YOU CAN HAVE MORE MONEY REFUNDED TO YOU....
2006-07-20 11:58:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Everyone who works has to file taxes. Unless they want to go to to the big house..
2006-07-20 11:57:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes. You will need to pay Social Security tax if nothing else.
2006-07-20 12:13:35 · answer #9 · answered by karen wonderful 6 · 0⤊ 0⤋
everyone over 18 needs to file. no exceptions.
2006-07-20 11:57:00 · answer #10 · answered by Iomegan 4 · 0⤊ 0⤋