Tax question
Do I need to pay taxes on my business if I do not make very much per year? This year I will only have made about 600 dollars.
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RekaUjj
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Advisory council of Accountant community power users.
11/04/09 7:39pm PST
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You are supposed to pay income taxes and self employment taxes after your net income. If you fill out Schedule C of the 1040 and put in all your revenues and expenses, your net income will be lower. This net adds up to your other income (maybe wages, interest, retirement, unemployment, etc). If your net income is under 400.00, you don't pay self employment taxes (that is basically the social security and Medicare).
Reka
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