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Pay as summer intern reported on 1099-misc.Do I have to pay SocSec as self-employed?
I received $1000, my only income for 2010, as a summer intern for a non-profit. It reported this in Box#7 on Form 1099-Misc. Do I have to pay Social Security tax on this? Medicare tax? Income Tax? I am a college student claimed as a dependent by my parents.
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You do owe self employment tax (15.3%) which covers all SS, and income tax, which is $101 on $1000, for a total of $254 (minus any business expenses, which you might not have). The forms are SE and C.
BUT it would behoove you to let your parents add your income to theirs so that it can be offset by all their various deductions like mortgage and education costs. They can do this if you were under 24 on Dec 31 and a full time student last year. |
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