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Since your income was not reported on a Form W-2 as an employee, you are considered to be self-employed. You are responsible for Federal, Social Security and Medicare taxes. SS and Medicare alone at 15.3% tax on your profit.
If you are over 65 or blind, you are entitled to an additonal standard deduction of $1,300 for each condition.
Since your income was not reported on a Form W-2 as an employee, you are considered to be self-employed. You are responsible for Federal, Social Security and Medicare taxes. SS and Medicare alone at 15.3% tax on your profit.
If you are over 65 or blind, you are entitled to an additonal standard deduction of $1,300 for each condition.
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