Ask Experts Questions for FREE Help !
Ask
    raye1981's Avatar
    raye1981 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 14, 2007, 08:55 AM
    Low income tax
    I started working only part time as a "nanny" and homemaker. My yearly "salary" is $7200 ($600/mo.). What taxes are due or how much (percentage) should I put away?:confused:
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 18, 2007, 04:49 PM
    No income taxes will be due.

    Self-employment tax is 15.3%, about $92 per month.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Income Tax on Social Security & Interest Income [ 1 Answers ]

I collect SS, withdraw interest income monthly and sell real estate. I am wondering since my interest income & real estate commissions exceed the SS allowable income cap of $12,000 will my SS for the next year be reduced? Will my real estate expenses be deductible from taxes owed on my...

Income Tax [ 1 Answers ]

I lived and work in NJ for 25 years. I recently moved to SC, but kept my job for a NJ hospital working from home. Will I have to file income tax returns to NJ and SC?

Income Tax [ 1 Answers ]

Hi All Is relocation expenses exempted in income tax in India. Ex. If you spent Rs10000/- on relocation and your employer reimbursed only Rs5000/-. Is all 10000, or only diffrence 5000, or nothing is exempted.

Buying a car on low income with low responsibility [ 0 Answers ]

I am a student. The car that my parents bought for me doesn't run anymore. I want to buy a new car. My parents have bad credit. My grandparents pay for my schooling, but they will not buy me a car. I only make $5000 to $7500 a year. I have no real financial responsibilities. All of my income is...

View more questions Search