2007-12-08 13:10:52 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Of course you do! You're self employed and must claim that income. File Schedule C or C-EZ to calculate your net profit. if that exceeds $400, attach Schedule SE to calculate the self-employment tax due. The net profit is taxed as ordinary income PLUS the SE taxes.
And you can ignore Batman. He has no idea what he's talking about and is confusing a business requirement to send 1099s to independent contractors who are paid $600 or more in any year with the filing requirements. The two are NOT related. And his comment that says there's no law is pure idiocy, nothing more.
2007-12-08 13:28:38 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Don't listen to the first guy, must work for the IRS. You don't have to file if the income is less than $600. Then check out how much over you are. You actually might get some back. But probably not. So, you can file but there is no federal law that says you have to.
2007-12-08 22:27:21 · answer #2 · answered by Batman 1 · 0⤊ 0⤋
Yes, you do. You claim these earnings as self-employment on a schedule C or C-EZ.
2007-12-08 21:28:39 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
only if there is proof
2007-12-08 22:25:38 · answer #4 · answered by deirdrezz 6 · 1⤊ 2⤋