2006-08-26 04:30:05 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
For federal income tax, it would depend on how much you make an hour, your filing status, and your number of exemptions. You might be able to earn a couple hundred in gross income per pay period before any income taxes are withheld. Social security and medicare tax, however, are withheld on every dollar you earn, if you are classified as an employee rather than a subcontractor. As a subcontractor, no taxes are withheld from your pay, and you are sent a 1099 for the amount of your earnings. You are responsible for all the regular taxes plus self-employment tax equal to the employer's portion of your social security tax, so instead of you paying 7.65% and your boss paying 7.65%, you will have to pay 15.3%, plus any income tax owed. Companies are only required to send 1099s to workers who earn more than $600 from their company per year, but the taxpayer is still required to report and pay tax on all income earned, whether they receive a 1099 or not.
2006-08-26 06:28:17 · answer #1 · answered by Shanshan 2 · 0⤊ 0⤋
It has nothing to do with hours worked it's money earned. You have to pay taxes on all income over $600/year. Period. If you're employer isn't taking out taxes you should ask him/her if she is going to send you a 1099 at the end of the year (in which case you'll have to pay all of your taxes then). If not, then you're working for cash.
Slainte,
-D
2006-08-26 04:36:49 · answer #2 · answered by chicagodan1974 4 · 0⤊ 0⤋
There is no minimum number of hours. It depends upon your gross pay and exemptions, not the number of hours.
2006-08-26 05:42:56 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
that depends on how many dependants you claim and how much you make, if you want to know how many hour you need to not get them taken out, I can figure both email me with the info and I figure it and email back
2006-08-26 04:38:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋