topic Hello. Should a 20 year old, with a total of income of $11,149, reported via two 1099-MISC forms, and business expenses of $6,682 for a net income of $4,467, and claiming the standard deduction of $12,200, be required to pay $312.00 in taxes? Thanks! in Get your taxes done using TurboTax

Hello. Should a 20 year old, with a total of income of $11,149, reported via two 1099-MISC forms, and business expenses of $6,682 for a net income of $4,467, and claiming the standard deduction of $12,200, be required to pay $312.00 in taxes? Thanks!

tpmcneil — Sat, 11 Apr 2020 14:01:31 GMT

Re: Hello. Should a 20 year old, with a total of income of $11,149, reported via two 1099-MISC forms, and business expenses of $6,682 for a net income of $4,467, and claiming the standard deduction of $12,200, be required to pay $312.00 in taxes? Thanks

DoninGA — Sat, 11 Apr 2020 14:29:29 GMT

You have to pay Self-Employment taxes on your net profit.

See Schedule 2 Line 4 for the SE Taxes. Schedule 2 Part II Line 10 flows to Form 1040 15 Other taxes, including self-employment tax, from Schedule 2, line 10

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Re: Hello. Should a 20 year old, with a total of income of $11,149, reported via two 1099-MISC forms, and business expenses of $6,682 for a net income of $4,467, and claiming the standard deduction of $12,200, be required to pay $312.00 in taxes? Thanks

tpmcneil — Sat, 11 Apr 2020 14:18:10 GMT

Thank you!