dad52752
New Member

If all I make is 8000 dollars of self employed income, why do I have to pay taxes anyway (less than standard deduction)?

this doesn't answer my question; there are no 1099s at all, just cash payments.  why are taxes due if this is my total income, personal, business, or otherwise?

Get your taxes done using TurboTax

If the $8,000 of income were wages, you would have paid FICA taxes on the wages. 

Self-employment income of over $400 is taxed for employment taxes...e.g., Social Security and Medicare.

You shouldn't be paying any income taxes.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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dad52752
New Member

Get your taxes done using TurboTax

best and most complete answer....it's not really income tax....it's the IRS collecting social security and medicare taxes.  Only the poorest of the poor self employed can escape being taxed somehow (ie, <$400)

Get your taxes done using TurboTax

when Self-employed you can't escape the SE tax of 15 %.

dad52752
New Member

Get your taxes done using TurboTax

better answer was "you're paying some medicare and social security taxes, really....not income tax" on ANY money over $400 in Self Employed income.