what are the qualifications for filing.
2007-03-01 14:42:57 · 3 answers · asked by Prince M 1 in Business & Finance ➔ Taxes ➔ United States
If you work as a non-employee, such as doing hair from your home, then you can file a tax return as self-employed. You will file a Schedule C to figure your net income.
If your net income is $400 or more, you will owe self-employment taxes which are about 15% of the net income. This tax is for Social Security and Medicare.
Your net income is taxable earned income. You may owe taxes, and you may also qualify for credits and deductions.
2007-03-02 02:01:36 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
don't believe it's legal to do hair or nails out of the house and charge even with a liscence..better check that out before you file...
2007-03-02 01:51:02 · answer #2 · answered by Anonymous · 0⤊ 1⤋
I believe it is to cover your contribution into social security and medicare(15.3%) and I believe you are supposed to file if you made $400 or more in whatever business you run.
2007-03-02 00:04:39 · answer #3 · answered by deviltry_2001 1 · 2⤊ 0⤋