Im a webcam model.im an independent contractor i make about 2400 a month, they dont take any taxes?

Question

when will i have to pay and about how much..im 18 i just started sept 13

Answer 1

Probably about $2626 for federal income tax, a little over $4000 for self-employment tax (social security and medicare), plus whatever your state and local taxes are. This is for when you work all year. If you didn't have any other income this year, you'd make about $8500 this year so would owe no federal income tax, a little over $1200 for self employment tax, plus any state and local taxes.

Answer 2

You will pay when you file your return in 2008. The return will include Self Employment Tax for the Social Security and Medicare that the employer is not paying. If you had zero income before you started on Sept 13 you should have something like $8,400 gross income for the year. As an Independent Contractor you will file a Schedule C for that income and be able to deduct any expenses you had associated with earning that income. If you had no expenses your SE Tax would be $1,187, however it is unlikely that you would have zero expenses. Since your Standard deduction and personal exemption is greater than your income you will have zero ordinary income tax. You should see a professional tax preparer who can reduce the SE Tax by advising you of the possible deductions. In that case you would reduce your tax bill a great deal below the $1,187. Depending on the location that you are earning this income there may be state and / or local tax that could be involved.

Answer 3

I have canned explanation to apparently clueless independent contractors:

Some employers try to get around paying employment taxes (social security and unemployment) and other employee benefits like workers compensation insurance by improperly classifying employees as independent contractors. If you are required to show up for work--personally--at a particular time, punch the clock, use the employers equipment and are paid an hourly rate, you are an employee. If you didn't understand the difference when you posed your question, I would be even more convinced that you are an employee. What is your preference, Slotted or Phillips? Complete an IRS Form SS-8 to get an official ruling on your status. This will help you get unemployment if you get fired. When you file your income tax return, you can attach Form 8919 Uncollected Social Security and Medicare Tax on Wages and only pay the employer's half of social security. You will still have to cough up all the income tax.

Answer 4

The bewildered self reliant contractors are arising thick on the instant. i will on the instant recycle my answer to the previous question. I also have a canned clarification to curiously clueless self reliant contractors: some employers attempt to get around paying employment taxes (social risk-free practices and unemployment) and different worker reward like workers reimbursement insurance by improperly classifying workers as self reliant contractors. the elementary concern is the quantity of administration the business corporation has over the worker. in case you're required to take place for artwork--in my opinion--at a undeniable time, punch the clock, use the employers equipment and are paid an hourly fee, you're an worker. in case you probably did no longer understand the version once you posed your question, i could be much extra confident which you're an worker. what's your decision, Slotted or Phillips? comprehensive an IRS form SS-8 to get an solid ruling on your status. this could assist you to get unemployment in case you get fired. once you report your earnings tax return, you could connect form 8919 Uncollected Social risk-free practices and Medicare Tax on Wages and purely pay the business corporation's 0.5 of social risk-free practices. you will nevertheless could desire to cough up all the earnings tax. IRS and the states are stepping up enforcement interior the abuse section. BTW: $2,4 hundred according to month would not sound like a superb deal for somebody who's a genuine self reliant contractor. that's the equivalent of $2,216.40 without the income of workers reimbursement or unemployment insurance reward.

Answer 5

where do you work