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Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

I was hired for this project, and it was meant as a one time gig. I am currently unemployed, so I don't have any other income as of this moment. However, since this was a pretty big sum of money, I was wondering how I should file this? I am just confused on if I need to file it as a self-employed, or something else, since I don't do this type of work very often. It'd be helpful to know for the future as well.
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rjs
Level 15
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

You have to file your own tax return whether or not you are a dependent. You cannot report your self-employment income on your parent's tax return. Since you already have more than $400 of self-employment income you will have to file a tax return for 2025, no matter what else happens.


You never "file taxes quarterly." If you have more self-employment income you might have to make quarterly estimated tax payments. But as of now it is not necessary for you to make a quarterly estimated tax payment. Your self-employment tax on $2,800 would be $396. Since that's less than $1,000 you can just pay it when you file your tax return after the end of the year. If you want to, you can make an estimated tax payment by June 15, but you don't have to. If you have more self-employment income later in the year, you can reevaluate the situation.


You might not have to pay the full $396. You have not given enough information to know whether you might qualify for credits or deductions that would reduce your tax. If you make a payment of $396 now, and it turns out that you don't actually have to pay that much, you will get a refund.


You are probably aware that Congress is currently considering a tax bill that might make changes that affect 2025, so whatever we say now is subject to change.

 

@krizorilla-imp 

 

We can't tell who you are replying to unless you say it in your post. The forum software doesn't show who you replied to.

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6 Replies

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

You are self employed assuming that you didn’t get a W-2. Complete Schedule C. You won’t pay income tax but you will pay self employment tax on your net income. 

rjs
Level 15
Level 15

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

Did you receive this income in 2024 or in 2025?

 

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

I received this in 2025.

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

Thanks for replying!

 

Does this change if I am a dependent, or will I need to file separately?

Also, I am aware that I may need to file taxes quarterly if I am paying self-employment tax, does that still apply to my situation?

rjs
Level 15
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

You have to file your own tax return whether or not you are a dependent. You cannot report your self-employment income on your parent's tax return. Since you already have more than $400 of self-employment income you will have to file a tax return for 2025, no matter what else happens.


You never "file taxes quarterly." If you have more self-employment income you might have to make quarterly estimated tax payments. But as of now it is not necessary for you to make a quarterly estimated tax payment. Your self-employment tax on $2,800 would be $396. Since that's less than $1,000 you can just pay it when you file your tax return after the end of the year. If you want to, you can make an estimated tax payment by June 15, but you don't have to. If you have more self-employment income later in the year, you can reevaluate the situation.


You might not have to pay the full $396. You have not given enough information to know whether you might qualify for credits or deductions that would reduce your tax. If you make a payment of $396 now, and it turns out that you don't actually have to pay that much, you will get a refund.


You are probably aware that Congress is currently considering a tax bill that might make changes that affect 2025, so whatever we say now is subject to change.

 

@krizorilla-imp 

 

We can't tell who you are replying to unless you say it in your post. The forum software doesn't show who you replied to.

Hired for a short term contract job, and was paid a fixed rate of $2800. It was my only income this year. What is the process of filing my taxes with this in mind?

@rjs Thanks for letting me know! I was unaware of this feature.

 

Thank you for the detailed advice, it was really helpful.

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