I haven’t made any taxable income for the year except for a nominal (over $600 but less than $2000) amount for which I’ve been 1099ed. Will I end up having to pay taxes on the full amount, or is it only the amount over $600? Will I have to pay taxes at all since I made under $5000 or whatever that minimum amount is?
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16. January 2010 at 10:53 am
So, for $2000 of SE work, you will owe $283 for SE tax.
You then add $2000 – $142 (1/2 of SE tax) to the rest of your income. If you are not a dependent, this won’t cause an income tax bill because the combined total is less than $8950.
Even though you won’t necessarily owe Income tax, you owe SE tax.
And, no, it’s on all of it.
16. January 2010 at 10:53 am
Do you have expenses in earning this money? If so fill out a SchC and deduct those legitimate expenses and the SE tax will be reduced or eliminated depending on the amounts.