I am a 24 year old college student......I will file my taxes this year as a independent to get more federal founding. This year i worked for cash......can i state on my taxes that i made lets say $9,000 doing random jobs.....do i need to show proof of employment to file income????....if i dont need to show proof of income.....how much should i file for? i also won a 4400 lottery ticket in NJ where i live........WIll i owe money? Is their a minimum povert line where i woudnt have to pay taxes??
2007-02-07 18:43:00 · 3 answers · asked by uknosergio 1 in Business & Finance ➔ Taxes ➔ United States
You can state on your taxes cash income for whatever you actually made. You should have records to back up your claims. It doesn't have to be 1099's - can be your personal log, but showing what you did, when, who you did it for, and how much you made for each job. You will owe 15.3% self employment tax in addition to any income taxes you owe.
The lottery win is income for your federal return.
The limit where you would not owe income taxes is $8450 for someone single with no dependents, and who isn't a dependent themselves. You'd still owe the self-employment tax though - limit for that is anything over $400.
So if you haven't paid anything in yet, then yes you will owe. On $9000 from your random jobs, plus the lottery win, you'll owe around $1750 including the self-employment tax. You might be charged an additional penalty amount for not filing estimated returns quarterly. That's federal. New Jersey taxes would be additional to this.
2007-02-08 03:48:47 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Often the accounting students at your college will help you file your taxes for free. You would probably qualify. I would ask them.
2007-02-07 19:07:13 · answer #2 · answered by ADeVandry 2 · 0⤊ 0⤋
'telephone HMRC and tell them you're self employed. they're going to tell NI people. they're going to also deliver you self evaluation style. you'll decide on to inform them your PAYE income and your organization charges (user-friendly charges, funds received on sales a lot less asscociated expenditures). you gained't have receipts for purchases yet HMRC should be awareness and can help you you also.
2016-12-03 21:33:01 · answer #3 · answered by hertling 4 · 0⤊ 0⤋