What if my income was only $1000?
2007-03-12 09:05:14 · 3 answers · asked by iconoclast12 1 in Business & Finance ➔ Taxes ➔ United States
They did not take out taxes on me. I was given a 1099. Thanks!
2007-03-12 10:29:30 · update #1
There are several types of 1099. Not all 1099 income is self employment income. If your income is not considered self employment income, you don't owe any taxes if $1000 was your total income. I was unable to determine from the IRS website if income from a vocational rehabilitation facility is considered self employment income. I advise checking with a tax professional that can actually look at the 1099.
2007-03-12 13:08:48 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
Since you received a 1099 for the income earned you will have to file Schedule C or C-EZ to account for the income and any business expenses. If the net profit is more than $400, you'll have to file Schedule SE to calculate your Self-Employment tax. That is assessed at 15.3 percent of the net profit form the business activity.
Since you had $400 or more in Self-Employment income, you MUST file a tax return even if your ultimate tax liability works out to zero.
2007-03-12 11:35:01 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
This is taxable income, however if this is all you earned for the year then you do not have to file. If they took out taxes from the money you may be entitled to a refund.
2007-03-12 09:10:49 · answer #3 · answered by misskenzie12 2 · 0⤊ 2⤋