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neriosteph
New Member

Cleaning house without w2form

 
2 Replies
Marketstar
Level 7

Cleaning house without w2form

If you are not a W-2 employee, the IRs considers you to be self employed.

If you earned more than $400 net income (income less expenses) working as a self-employed individual (or independent contractor), you must file a Schedule C, business income and expenses with your personal return and pay self-employment tax of 15.3% (Social Security and Medicare tax-same as a W-2)

 If you otherwise earned enough to file a return, you must report your self-employment income, no matter how small.

To enter your business income and expenses:

·       Type in schedule c in the search box, top right of your screen, click the magnifying glass

·       Click the jump to schedule c ink in the search results.

        Follow the prompts and online instructions


Marketstar
Level 7

Cleaning house without w2form

If you need further guidance on your Schedule C, please feel free to ask.
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