i made $6000 on self imployment this year, how much is the limit to file tax for self imployment?

Question

should i still file tax for this gross income? i worked as a contractor to make this amount? i don't have any other income beside this $6000. i would really appreciate if some one answers this question.

Answer 1

The answers that speak of a 15.3% rate are partially correct. Schedule SE asks for you to multiply your self-employment earnings by 92.35%, and then apply the 15.3% SE tax rate to the net number. Why is this done? Because several years ago, Congress decided it would be more equitable to allow those who pay SE tax to deduct 1/2 of the tax. The income is includible in taxable income in full, but in the Adjustments section of Form 1040, a deduction is now allowed for 1/2 of the SE tax. Thus, only 92.35% of your SE earnings are included in income, and the SE tax is now based on the same number.

Answer 2

Yes, you have to file - the limit is $400, and since you made over that, you must file and claim the income. It will go on a schedule C or C-EZ, along with any associated eligible expenses that you can deduct. You'll also file a schedule SE to calculate your self-employment tax of 15.3% for social security and medicare. The numbers from those two schedules will transfer to a 1040. You might be able to get an earned income credit that will cover some of your self-employment tax.

Answer 3

The limit for SE income is $400.00 Even if your total income is below the income tax threshold, you'll have to pay SS and Medicare (15.3%) tax on the net profit.

Answer 4

You may want to refer to Publication 17 from the IRS. This document can be viewed online at www.irs.gov. Click on Publications, search for the 2006 Publication 17, then find the chapter on who is requried to file. This information is usually within the first chapter or two.

Answer 5

Legally, no one has to file. The income tax is unconstitutional.

http://video.google.com/videoplay?docid=-4312730277175242198

They might fine you, arrest you, or send you to jail, but they'll be breaking the law if they do.

We need to stand up to our leaders and tell them that they work for us, not the other way around. They are duty bound to support the constitution, not the bankers that stole our country.

Answer 6

If you are receiving SS benefits, they allow you to have $7,000 of income without penalty. Just dont tell them you made it all in one shot. and yes you should file any income amount.

Answer 7

$400

You need to file and, assuming you didn't make any estimated payments, you will need to get out the checkbook.

Answer 8

Dunno how it works in the States.

Um, if it was paid in cash then declare nothing.