loan,banking and credit
*Loan,banking and credit>>>income tax

Do you have to pay self employment taxes on total revenue or the bottom line net income?


Say I earned $1,000 on a side job and incurred $400 expenses. Do I pay Self employment tax on $1,000 or $600?

On the net, in your case the $600.
Well, you can claim the expenses on your taxes, so really, you'd pay on the 600.
Depends on what kind of work you are doing. If you do this all the time and keep books than it's the full amount. If this is just a once in a while thing than it is after expenses. It can go either way. Best thing to do is call the IRS. Than you will know the right way.
Tags
tax software tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax
Related information
  • Do you have to pay self employment taxes on total revenue or the bottom line net income?
  • What is the best way to cut taxes for single guy who makes a six figure income?
  • IRA question. What is max income where I can still deduct my contribution from my taxes?
  • When Medicaid is considering your income, do they look at the amount made before taxes are held out or after?
  • If someone has $0 in income (unemployed, no benefits) do they need to file taxes if over age 18?
  • 22,672 is my 2006 income. Make 2.13 to cover federal and state taxes. Why must I pay in over 3200?
  • If I make 18,000.00 from an investment above and beyods my income how much do I have topay in taxes on that 18
  • When will neos admit that the wealthy are only taxed on 40 to 60% of their true income?
    •    

    SiteMap--Copyright/IP Policy--Contact Webmaster
    For personal non-commercial use only.