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kalyanbag
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How come 1413 tax on 5000 babysitting income?

 
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How come 1413 tax on 5000 babysitting income?

You are assessed approx. 15% self-employment tax in addition to your regular income tax.  And any increase in income can lower some deductions and credits.

Be sure to claim your babysitting expenses. To do this, though, you must upgrade to TT Self-Employed.

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