Hi there. I'm trying to figure out what is the max amount of money you can make per year before you have to start paying taxes on your income. For example, say you just babysit, dogwalk, mow lawns, etc. (odds and ends stuff like that) and you are over 18 and on your own, what is the max you can make doing that without having to worry about paying taxes, or self-employment taxes?
2007-07-09 08:57:25 · 2 answers · asked by Karri C 1 in Business & Finance ➔ Taxes ➔ United States
$400 is the amount where you have to start reporting your income and paying self-employment tax on it. You might not owe any income tax at that level, but still have to file and pay the self-employment tax.
2007-07-09 09:18:29 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
you are asking the wrong question. instead of trying to keep from paying taxes you need to think about how to pay taxes.. of course along with self=employ taxes you want to pay into SS. look with all of the IRA either regular of roth you are better off in the future to pay the taxes.
2007-07-09 16:04:05 · answer #2 · answered by mister ed 7 · 0⤊ 1⤋