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    chula701's Avatar
    chula701 Posts: 2, Reputation: 1
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    #1

    Jan 12, 2010, 07:08 PM
    If I made 6,172.00 in babysitting and 6,018.00 from a job that I paid taxes will I ow
    I made 6,172.00 in babysitting and 6,018.00 from a job that I apid taxes. Will I owe money this year?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 12, 2010, 07:15 PM

    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
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Jan 13, 2010, 01:04 AM

    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 13, 2010, 12:09 PM
    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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