Baby sitting job?

Question

We all know that if you have a baby sitting job there is no tax or social security taken out of you weekly or monthly check, is it possible that you can pay into social security
you know like send money into you social number about $100.00 dollars every month, and this will help build you social security when you reach the age of 65, do any one know anything about this, or is it that you have to have your own business to do this.

Answer 1

1. This is your self employment income. You must file return if your self-employment income is $400 or more.

2. Your self-employed income (income minus expenses) is subject to employment tax at 15.3%. For this, with your Form 1040, you attach Form 1040 Schedule SE.

3. If you want to deduct your expenses, then you must complete schedule C (Form 1040) where you report your income and expenses to to figure out net profit. This net profit is subject to Self Employment tax @15.3%.

Answer 2

You not only may, you are required to pay taxes and social security and medicare on your regular babysitting job. You might not think of it as a business, but the IRS considers it to be your business.

You don't just decide how much you want to send them, it's calculated based on your income from the babysitting.

At the end of the year you'll file a form 1040, a schedule C or probably C-EZ showing your income and any allowable deductible expenses, and a schedule SE to calculate your self-employment tax.

If you are married you can file a joint return - these two schedules will attach to your 1040 which would show all of your joint income.