I am a musician who received a 1099 misc form. I grossed 2700 and no taxes were withheld. I have two dependents and I want to know about how much money I can expect to receive and if I claim expenses will this lower my refund?
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I am a musician who received a 1099 misc form. I grossed 2700 and no taxes were withheld. I have two dependents and I want to know about how much money I can expect to receive and if I claim expenses will this lower my refund?
What other income did you have and what other taxes did you pay in.l
You get refunds on money paid in that is in excess of what you owed.
You MUST file you tax return. Your income is subject to 15.3% SE tax.
You are self employed or independent contractor. You must file your tax return if yourself employed income is $400 or more. You will report your income and expenses on schedule C or C-EZ (Form 1040). Read: Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
If that is your ONLY income source, then you qualify for the Earned Income Credit, which will MORE than offset any self-employment taxes owed.
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