I really would like to know a dollar amount for North Carolina.
2007-09-02 09:56:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
$400 net profit or more as it is self-employment and subject to Social Security Tax.
2007-09-02 11:04:14 · answer #1 · answered by exirsman 5 · 1⤊ 0⤋
$399 is the limit where you'd have to claim it for federal taxes if you aren't otherwise required to file a return, and that's the same in all states. If you already have other income and are filing a return, then you'd need to claim it and pay tax on it from the first dollar.
2007-09-02 22:09:47 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If it's your only income, you must file if you exceed $400 in any year. If it's just an adjunct to other taxable income you already have then you must claim all of it from the first $.
2007-09-04 05:59:12 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Don't worry to much about the taxes. Because this kind of business is a killer business. Go for it. Do it. Work for yourself be your own boss. It's like 35.00 to go to City Hall get your license. Good Luck!!
2007-09-06 03:33:53 · answer #4 · answered by ? 6 · 0⤊ 0⤋
If it is your only income, as soon as you make $400, you must file a return.
If it is secondary income, technically you must report any addtional income (even $1).
2007-09-02 17:28:01 · answer #5 · answered by Wayne Z 7 · 1⤊ 0⤋