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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1 Best answer

Level 15

Apr 11, 2020 7:05:59 AM

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.

Level 15

Apr 11, 2020 7:05:59 AM

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.

New Member

Apr 11, 2020 7:18:10 AM

Thank you!

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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!