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+--- Thread: How much money will I have to file in taxes if I earn around $12,000 a year? (/thread-9800.html)
How much money will I have to file in taxes if I earn around $12,000 a year? - Moises - 10-14-2012 11:36 AM
I'm 14, and I work independently through social media.
- David - 10-14-2012 11:44 AM
You will have to claim the 12,000, then do expenses, then calculate how much you owe.
- Shah Alam - 10-14-2012 11:44 AM
Do you ever wonder if you really have to file a tax return? When I was younger, I always assumed that since I barely made anything, that it didn’t make sense for me to file.
Filing taxes and whether or not you need to actually do so can be confusing. But if you follow a few simple guidelines, you can more easily understand where you are at in this. Not all people do need to file. If you have a moderate to low income, for example, you may not have to. For those that get overwhelmed when filing taxes, this can be a plus.
- card-ron - 10-14-2012 11:44 AM
Although not exact dollar figures, based on a $12,000 annual income with no business expenses you will owe approximately $1,400 in self employment tax and $600 in federal income taxes for a total federal tax bill of around $2,000. Depending on where you live, you may also owe state and/or local income taxes as well.
- Bobbie - 10-14-2012 11:44 AM
Self-employment tax (Schedule SE)$1,474 plus Fit tax Liability on the NET profit amount of 12000 for the 2012 tax year during the 2013 tax filing season for this purpose.
Using the schedule C and the SE of your 1040 income tax return for this purpose. Good Luck to you.
Hope that you find the above enclosed information useful. 09/22/2012
- Judy - 10-14-2012 11:44 AM
At 14, you're pretty surely a dependent. And sounds like you're an independent contractor, not an employee. You'll owe a little over $2000 to the feds, for self employment tax and income tax. What you owe if anything for state and local taxes depends on where you live - most states, you'd owe something.
- tro - 10-14-2012 11:44 AM
if $12000 is your Sch C 'net' the self employment tax will be $1474 and your income tax will be at least $620