turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

I received a 1099 form for this income. 

Connect with an expert
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.

11 Replies

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

What about your spouse?

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

A 1099MISC for self employment income?  or what type of 1099?
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

My husband works full time and claims 0 so he gets the maximum taxes taken out.

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

It would almost certainly would out to a lower total tax if you and your husband filed a joint return.  When you asked "how much will I owe" it seemed you planned to file separate returns.

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

No, we are filing jointly. I am just so nervous about how much we will owe in state and federal if I have to report this income.

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

One thing that's easy to answer: you will owe "self employment tax" (if it's self employment income) of around 15%.  This is Social Security and Medicare tax. It is on top of whatever income tax the $11000 generates which depends on your combined (yourself and your husband) bracket.  It might be 25%, but could easily be more or less than that.

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

It is the 1099 miscellaneous income form that I received.

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

nobody here can tell you how much you may owe or not, it will depend on the unique circumstances of you particular situation.   Just prepare the return and see how it works out.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

I have one more question, what if I never filled out a W-9 for this person who was paying me?

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

Then does he have your social security number?  What number did he put on the 1099Misc?  

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  You will need to use the Online Self Employed version or any Desktop program but the Desktop Home & Business version will have the most help.

For the future, There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Online Self Employed  return....
<a rel="nofollow" target="_blank" href="http://quickbooks.intuit.com/self-employed">http://quickbooks.intuit.com/self-employed</a>

You need to report all your income even if you don't get a 1099Misc. You use your own records.  You are considered self employed and have to fill out a schedule C for business income.   You use your own name, address and ssn or business name and EIN if you have one.   You should say you use the Cash Accounting Method and all income is At Risk.   

After it asks if you received any 1099Misc it will ask if you had any income not reported on a 1099Misc. You should be keeping your own records.  Just go through the interview and answer the questions.   Then you will enter your expenses.

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 line 27 of the 1040.  The SE tax is already included in your tax due or reduced your refund.  It is on the 1040 line 57.  The SE tax is in addition to your regular income tax on the net profit.

Here is some IRS reading material……

IRS information on Self Employment
<a rel="nofollow" target="_blank" href="http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center"...>

Pulication 334, Tax Guide for Small Business
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/p334.pdf">http://www.irs.gov/pub/irs-pdf/p334.pdf</a>

Publication 535 Business Expenses
<a rel="nofollow" target="_blank" href="http://www.irs.gov/pub/irs-pdf/p535.pdf">http://www.irs.gov/pub/irs-pdf/p535.pdf</a>

How to report your self employment income
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/4801198">https://ttlc.intuit.com/replies/4801198</a>

How much will I owe in taxes if I made $11,000 with no taxes taken out? I am married with 2 kids.

You will owe 15% SE tax on your net profit from the 1099 (gross income minus expenses, if you have any) so about $1650.  Then if you file jointly with your spouse and assuming you are middle class, you are in the 15% or 25% tax bracket and will owe another $1650 to $2750 in income tax.  You will have a schedule C that computes the net profit from your self employment and that income will flow to the rest of your tax return with any other income (W-2 jobs, investments, etc.)

If you file jointly, your self employment income will be added to your spouse's income and all your personal deductions, dependents and credits will be considered together as one tax return.  The total tax is calculated and, with $11K of self-employment, you will owe about $4000 more than usual, or your refund will be $4000 less than usual. If continuing to do this work, you will want to set aside a portion of your self employment pay to cover estimated taxes.

If you filed married filing separately, and claimed one or both children as dependents, you could owe no income tax, but still owe the $1650 of SE tax.  However, that would mean that your husband would also have to file separately, and would have no children to claim, which would cause him to owe a lot more.

Joint filing is almost always better because the tax rates are lower and certain deductions and credits are disallowed or reduced for married filing separately.  The only way to know for sure is to test it both ways.  One word of caution -- if filing separately and one spouse itemizes their personal deductions, both spouses must itemize even if there are no itemized deductions to go around.  You can't stack all the itemized deductions on one spouse and have the other spouse claim the standard deduction.  (This applies to personal deductions like state and local taxes, mortgage and property tax, and charitable donations.  Business deductions are handled separately.)

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies