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View Full Version : How much will I pay back?


DalaBao
Jan 27, 2013, 05:31 PM
I made like 17600 thousand this year as a self employe. I will have to file a 1099 this year and would just like to know how much will I pay back.. With claiming two kids...

AtlantaTaxExpert
Jan 27, 2013, 06:04 PM
The odds are you will pay NO taxes, and you probably will get a refund. The two kids gives you a $2,000 Child Tax Credit. With NO expenses on the Schedule C, you owe $162, but for sure you have SOME expenses to offset some of that $17,600,

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MukatA
Jan 28, 2013, 01:47 AM
You earned $17,600 as self employed. You do not issue Form 1099-misc. The company that paid you $17,600 may issue you form 1099-misc.
You must report this as self employed income on your tax return. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor (http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html)