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tannyshia
New Member

If i made 10,000 in self employment do i have to pay taxes?

 
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3 Replies

If i made 10,000 in self employment do i have to pay taxes?

Definitely!  Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  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.  You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 27.   The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 Schedule 4 line 57.  The SE tax is in addition to your regular income tax on the net profit.

If that is all your income you may be able to use the Free File website (not the Free Edition)
To qualify for the Tax Freedom website  you just need to meet one of these 3 things
AGI $34,000 or less
Active duty military with AGI of $66,000 or less
OR qualify for EIC (earned income credit.)

In order to use the Free File program, you have to start it at a special website.  Click on the bottom Orange button I Qualify Start Now and set up a NEW account
http://turbotax.intuit.com/taxfreedom/
tannyshia
New Member

If i made 10,000 in self employment do i have to pay taxes?

I worked at well i have w2 , im just asking if i have to pay taxes instead of getting a refund?

If i made 10,000 in self employment do i have to pay taxes?

Probably unless your W2 withholding is enough to cover all the tax.  Did you send in any quarterly estimated payments for the self employment tax?
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