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tpmcneil
New Member

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!

 
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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!

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.

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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!

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.

tpmcneil
New Member

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!

Thank you! 

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