I've made all my money via independent contracting and AdSense on my web sites, so it's all self-employed. I don't think I've made enough to need to file something, but I figure better safe than sorry.
2006-12-28 18:35:54 · 8 answers · asked by Anonymous 3 in Business & Finance ➔ Taxes ➔ United States
anything more then $6000.00 you have to file.
2006-12-28 18:38:22 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Self-employed individuals with net income from Self-employment in excess of $400 must file a tax return. If you want to be better safe than sorry, file anyway, since the IRS will have any 1099s that have been issued to you.
2006-12-29 03:52:08 · answer #2 · answered by ninasgramma 7 · 2⤊ 0⤋
If you have more than $400 of net income from your self-employment activities you will have to file and pay self-employment tax.
Assuming you are single and living at home you will be able to take a standard deduction of up to $5,150 limited to your earned income shown as self-employment income or wages. If your income is above the $5,150 you could owe an income tax also. Since you are claimed by your parents you may not take your personal exemption.
2006-12-29 06:35:52 · answer #3 · answered by waggy_33 6 · 1⤊ 0⤋
ninasgram and waggy are correct - since your income is from self-employment, you have to file if you've made $400 or more. Even if you don't make enough to owe income tax, you'll be responsible for self-employment tax which is 15.3% of your net income - this is for social security and medicare. If you had been working as an employee, your employer would have deducted your share (half) of this amount, and the employer would have been responsible for paying the other half.
2006-12-29 12:48:10 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
One dollar in income is all it takes to be required to fill out a tax form. As for being responsible for paying any tax, it depends on how much you have paid upfront. Being self employed, you should be filing quarterly with the IRS. Check with an accountant or www.IRS.gov for rules.
2006-12-29 02:38:29 · answer #5 · answered by r_a_i_n_m_a_n_5_9 3 · 1⤊ 1⤋
If you're self-employed, you need to file quarterly estimateds. Even if you've made below the poverty line, it's good to file, since you can get a refund.
2006-12-29 02:38:27 · answer #6 · answered by Wyatt B 2 · 0⤊ 0⤋
Any money you make needs to be reported. When i was 16 i had a summer job and made $1500 and i reported and got a income tax refund($70 lol).
2006-12-29 02:38:35 · answer #7 · answered by Anonymous · 1⤊ 1⤋
if you made 0.00, you still have to file if your self employed, and if you made something you'll have to pay because no one has paid your SS tax, unless you have done it, which should happen quarterly. you may not have to pay income tax though, if you made under 14,000 or something, but SS tax has to be paid. good luck
2006-12-29 02:39:39 · answer #8 · answered by mumtaz 4 · 1⤊ 1⤋