I made 6,172.00 in babysitting and 6,018.00 from a job that I apid taxes. Will I owe money this year?
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I made 6,172.00 in babysitting and 6,018.00 from a job that I apid taxes. Will I owe money this year?
Well how much did you pay in federal and state taxes ?
What is the number of dependents
Did you pay any estimated taxes during the year on the baby sitting income
What is the filing status, married, single, head of household , etc ?
There is so many factors, one can not tell just by the gross income
Did you put any money into a IRA, buy a house.
What type of business deductions will you have on the babysitting, food, supplies, etc
Babysitting income is self employed income. You will pay 15.3% SE tax that is about $900. You will file schedule C or C-EZ & SE (Form 1040). Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
You will get making work pay credit of $400. Complete schedule M.
If you are single without dependent, you will have $250 of federal income tax. Then you will get EIC, if over 25.
Chula:
You need to get professional tax help to prepare your return, because you can claim certain expenses on the Schedule C to reduce your gross income, which will reduce the self-employment tax.
You also need to coordinate with your parents to determine if they should claim you as a dependent. It is almost a certainty that your personal exemption is worth MORE to them than it is to you.
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