I made $1148 in self employed income last year, but when I am filing my taxes online, it says I don't owe any state tax. What's up with that?
2007-02-21 03:02:07 · 4 answers · asked by jasoncr126@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States
self employment income is taxable for social security purposes but if this is all you made- i don't imagine that you have any tax liability, and therefore no refund either unless you paid estimated taxes.
I really think more information about your situation would help you to get a better and answer.
2007-02-21 03:07:14 · answer #1 · answered by Preacher 4 · 0⤊ 1⤋
GoodGal is wrong that you don't have to file federal. If you made that much on a W-2, she'd be right, but since it's self-employment income, the filing limit is for anything over $400 and you're way over that. You won't owe income taxes at that level, but will owe self-employment tax of 15.3%. This is for social security and medicare.
But sounds like you're below the income level to owe state tax.
2007-02-21 18:27:53 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Depends on your state's filing requirement. You probably didn't make enough money to be required to file. You definitely didn't make enough money to be required to file by the IRS. In other words, you don't have to file for the fed or the state unless by doing so, you will get some kind of benefit, such as a refund of overpayment of quarterly or estimated taxes paid by you, or for the earned income credit. If you don't have those things, I don't see that you need to file.
2007-02-21 11:13:59 · answer #3 · answered by Lilly 3 · 0⤊ 2⤋
Depends on your state's filing requirement
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2007-02-22 15:23:10 · answer #4 · answered by ellen h 2 · 0⤊ 0⤋