turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cakinney
New Member

I have a chance to make additional income this summer. How much can I make before having to start paying taxes?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I have a chance to make additional income this summer. How much can I make before having to start paying taxes?

Will you be an employee and get a W2 or an independent contractor on a 1099NEC?  

For independent contractor/ self employment.....

You pay Self Employment tax on $400 or more of net profit from self-employment in addition to any regular income tax.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  So you get social security credit for it when you retire.  

I have a chance to make additional income this summer. How much can I make before having to start paying taxes?

Yes---if you make even $400 of self-employment income you will pay self-employment tax.   But as for whether you will owe ordinary income tax, we do not know since you have not told us about the income you are currently receiving.  We do not know if you are working, receiving retirement income, rental income, etc. that the "additional income" will supplement.

 

If you are getting Social Security:

 

You need to file a federal return if half your Social Security plus your other income is

$25,000 when filing single or head of household,

$32,000 when filing married filing jointly

$0 if you are filing married filing separately.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question