I live in MA and currently have two incomes, one is fixed and is a full time job Taxes are withdrawn with each pay cycle. The other is a work from home job were I get direct deposit, non taxed.
What should I expect to pay in taxes and what do I need to do to report the non taxed income.|||your self employment income will be reported on sch c and if the net amount is $400 or more you will also file Sch SE and calculate your self employment tax, approx. 15.3% of your Sch C net
these forms are included with your 1040 and half of the SE tax is a credit to reduce your gross income|||The amount depends on your total income, your personal tax situation (filing status, deductions, dependents, credits) and whether you have state and local tax and how much it is. But unless you're really high or low income, figure around 30% for federal plus whatever your state and local taxes are.|||Plan on around 30-35% for the taxes for the net self-employment income.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment