Up to what gross income can a contractor make in a year in NY state and still not be taxed?

Question

I am a full time physical therapist and I also work per diem hours at a seperate facility in NYS. How much can I make tax free at the per diem job before I start being taxed and how much tax can I expect to be taken?

Answer 1

Technically.....$1

All income must be listed whether it is reported to the IRS or not. If you are an independent contractor, the company is required to send you and the IRS a 1099 if you make over $600 but, even if it was less than $600 and you did not receive a 1099, you are legally obligated to report it.

Answer 2

If the independent contractor job was your only job, you could make up to $399 for the year and not have to report it. But since you have other income that presumably is enough that you have to file, you must show your income from the side job also, and pay income tax on it. If you make $400 or more from the side job for the year, you'll also pay self-employment taxes on it.

The self-employment tax is 15.3% of the net for your side job (after any allowable related expenses are deducted). Income tax will be at whatever your rate is, so depends on how much TOTAL income you have.

Answer 3

My best suggestion could be to get an accountant, yet right this is what is going to ensue. particularly, you will ought to document a return in each and all the states. Assuming all of them have a state earnings tax. The states in which you earned earnings could have taken state earnings taxes out. you will document as a non-resident in PA on account which you by no ability lived there, and then as a factor-time resident in the different states. you will owe PA taxes on account which you labored there, and then the different states on account which you lived there. How a lot you owe would be desperate via how a lot you earned there, how a lot you lived there, and their tax costs. you will get credit for taxes paid in long island, DE and pa on account which you labored in those states, and those states took the money out. without understanding numbers, i relatively won't be able to inform you in case you will get refunds, owe money, or how many of the two you would be watching. As I pronounced interior the beginning up, take it to an accountant. stable success!