A friend of mine said if I make a certain amount of income selling on Etsy.com I have to pay taxes on it. Is this true, and if so, what kind of taxes would I be paying, and how much? Also, would your age matter, for instance, if you were under 18 would you be charged special taxes?
2007-11-26 11:30:14 · 1 answers · asked by mollyejo 1 in Business & Finance ➔ Taxes ➔ United States
Of course it's true. Since you'd be self employed, you'd have to pay self-employment taxes as soon as you earned $400 in any tax year. You wouldn't pay income taxes until you hit $5,350 as a dependent or $8,750 if not a dependent. But you certainly would pay taxes!
Age has nothing to do with it, it's all down to the amount of income. There are infants with taxable income who have to file tax returns -- done by their parents of course, but they do file.
2007-11-26 12:43:54 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋