Self-Employed AND Employed: Minimum Before Obligated To Pay Taxes?
I think asking this question would be easier if i provided a scenario, so here we go:
Let's say I am an 18-year-old dependent who has never filed taxes before. I am self-employed as an independent contractor, but my income for the year was LESS than $400. Like, say, $300. If I became employed, what would be most I could make before I would be obligated to file for taxes?
What's the run-down on identifying whether or not you need to file for taxes if you are both self-employed and employed?
I will provide additional details if it is needed to produce an accurate answer.
- Cathi KLv 77 years agoBest answer
If you have a job and self employment then all the self employment is reportable.
- JudyLv 77 years ago
If you make 6100 or more, even if your se income is less than 400, you'd owe tax. If you file for any reason, even if just for a refund, you have to show the se income.
- troLv 77 years ago
you are exempt up to $6100 of earnings
self employment net under $400 is also not subject to self employment tax
- A HunchLv 77 years ago
if you earn over $400 from your regular job, you are required to claim all money you earn from self-employment.