Tag Archive | "self employment tax"

How Much Will I Owe If I Made $18,000 For Independent Contractor?


In 2012 I made $18,000 in self employment income. I am young and have only had 1 real job outside of my home. I was laid off from my last job and needed income fast so I got into affiliate marketing and started making money fast. Soon, I was making more than I thought I would. Recently, I found out that I am suppose to pay taxes on self employment income but I don’t know where to start.
Please help! How much will I owe in self employment tax, federal, state, and penalties all together?
Will I get in big trouble?
How do I go about paying my taxes. I am a little confused so I need as many details as possible.
Thanks!

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Help! Tax Help Questions!?


I am a 17 year old. In 2010, I have made a total of $7106.63 by running a small blog online, and being a part of affiliate programs. I received my 1099-MISC’s in the mail and I am ready to file my taxes for the first time. My father still claims me in his taxes, but I plan on having my taxes managed separately through his tax preparer. I know that the Self Employment Tax is 15.3%, but what other taxes will I have to pay? I live in Nevada. How will I be able to pay the IRS? How does that work?
Can I also deduct:
-Domains I registered
-Computers
-Desks
etc.?
Please help! This is all new to me! Thanks!

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