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Do I need to file taxes if I made less than 10,000? I'm self employed and get paid through the county so it's untaxable income?
February 5, 2021
1:06 PM
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Get your taxes done using TurboTax
If your self-employment income is $400 or more you are required to file a tax return.
February 5, 2021
1:08 PM
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Get your taxes done using TurboTax
Even if your income is low and you don't owe any regular income tax on it you still owe self employment tax.
Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit (If it is greater than $400). The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire.
February 5, 2021
1:10 PM