I just started a paper route and my employer does not take out taxes. I'm not sure how to go about doing my taxes. A friend told me that I didn't make enough this year to even worry about it (about $6,000). Anyone know about this kind of thing?
2007-12-17 12:33:37 · 4 answers · asked by dnda89 1 in Business & Finance ➔ Taxes ➔ United States
You are self employed. As such you must file if you have over $400 from self-employment income in any tax year. Even if you don't earn enough to have to pay income taxes, you'll almost certainly have to pay self-employment taxes.
Any income tax liability will depend upon your filing status and dependency status. If you are a single taxpayer and can be claimed as a dependent by another taxpayer, you will have some income tax liability if your income exceeds $5,350 in 2007. If you are not a dependent, that rises to $8,750.
2007-12-17 12:41:06 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Newspaper routes: The last legal form of slavery in the USA.
If your profit is over $400, you must file a return and report self employment tax. If you use your car, you can deduct the standard mileage rate of 48.5 cents per mile plus the cost of plastic bags, rubberbands and, of course the papers. All of those expenses should nicely wipe out any profit.
2007-12-17 14:44:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
most Qs can be answered at irs.gov
But I believe you do not even have to report because of you making under the limit . I believe the limit is somewhere over $7000.
2007-12-17 12:38:16 · answer #3 · answered by alena w 1 · 0⤊ 2⤋
I believe he was right. Anything under $7.000 you do not need to declare. Check with a Tax office, but I'm fairly sue you don't.
2007-12-17 12:39:18 · answer #4 · answered by Alice C 4 · 0⤊ 2⤋