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Old 08-17-2012, 04:35 PM   #1
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Default Working at home and taxes

Hello. I work through 2 different sites to make a little extra spending money.
From April 21st thru July 20th i have made 395.11 from one source.
I have made 100.00 from May 7 thru july 20th from the other source.
What do I do about taxes?
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Old 08-17-2012, 07:20 PM   #2
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Default Re: Working at home and taxes

turbotax.com its free
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Old 08-18-2012, 02:19 PM   #3
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Default Re: Working at home and taxes

I mean how much do i save?
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Old 08-19-2012, 12:03 AM   #4
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Default Re: Working at home and taxes

turbotax.com they have free consult for tax prep
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Old 08-19-2012, 12:10 AM   #5
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Default Re: Working at home and taxes

Ahh see we don't have to worry about this here in Oz , we have the tax take straight out of our pay each week, and then at the end of the financial year we do a tax return and get some of it back ...
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Old 08-19-2012, 12:14 AM   #6
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Default Re: Working at home and taxes

That happens here unless you are self employed....
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Old 08-19-2012, 02:26 AM   #7
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Default Re: Working at home and taxes

You have to report it, that is for sure. Gross income is defined as "income from whatever sourced derived." I kid you that in my federal income tax law class -- the law is that if you are making money from selling drugs, then you are to claim that. If you claim earnings from gambling (and yes, you are supposed to), then you can claim losses as well. Crazy business.

How much do you save towards paying the tax? Another good question. You have to know your tax bracket for federal and state income tax. Only you know that based on your income tax reports. Do you normally get a refund at the end of the year, or do you have to pay?
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Old 08-19-2012, 10:25 AM   #8
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Default Re: Working at home and taxes

How much to put aside all depends on how you claim, how much you make ect. Is this under income from a hobby?

The best thing to do as someone suggested is to call and speak with someone. You could call the IRS directly, they are pretty thorough in explaining things.
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Old 08-19-2012, 07:27 PM   #9
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Default Re: Working at home and taxes

I have been saving 30 percent of everything i make, just to make sure I have more than enough. Just seems like a lot is all.
I barely make a thing so i usually got money back, but I don't know if self employment counts toward that earned income tax credit thing.
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Old 08-19-2012, 08:19 PM   #10
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Default Re: Working at home and taxes

Yes it counts towards it, I am a Realtor so all of my income is from being self-employed.... I usually save 30% and do well with 3 kids, two as dependents, but claiming head of household. I almost always get something back at tax time. Usually break even with the state.
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Old 08-20-2012, 02:09 AM   #11
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Default Re: Working at home and taxes

Hello and welcome to the site!

I'm one of the bigger nerds on SFV, and I'm also from Massachusetts. I'm in Lexington now, but I lived in Lowell for 10 years and prefer to say that I'm from there. Which town or city are you from?

30% is a lot to withhold. From the tax tables you'd need to have taxable income over $83k to be taxed that much. Check out page 14 of this link -> http://www.irs.gov/pub/irs-pdf/i1040tt.pdf?portlet=103

I'm guessing that you're not making that much, or you wouldn't be applying for public assistance. Also, if you're used to getting the earned income credit, then there's very little chance that $500 is going to result in you paying more (if any) taxes. That money would factor into your IEC though.

Honestly, do you have a ballpark estimate for how much you think you'll earn in 2012? It'd make the whole question a matter of looking things up in tables.

Also, in repsonse to another thread, I'd absolutely recommend going through the courts to get a support order. The child support guidelines are pretty simple, and I've never seen a judge order less than $50/week even when the guidelines calculate to $0.

Later,
Bobby
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Old 08-20-2012, 02:20 PM   #12
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Default Re: Working at home and taxes

I was talking to a girl just yesterday who is an independent contractor and thus responsible for her own taxes. She said she can go to the IRS website and do all the calculations plus pay the taxes. I didn't catch the name of it but if I see her today, I'll ask. Otherwise, I'm sure you can explore the IRS website and find it and/or use turbotax as others mentioned.
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Old 08-20-2012, 10:48 PM   #13
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Default Re: Working at home and taxes

Quote:
Originally Posted by calooa View Post
I was talking to a girl just yesterday who is an independent contractor and thus responsible for her own taxes. She said she can go to the IRS website and do all the calculations plus pay the taxes. I didn't catch the name of it but if I see her today, I'll ask. Otherwise, I'm sure you can explore the IRS website and find it and/or use turbotax as others mentioned.
yes they have one for federal. i just havent used it yet.

---------- Post added at 09:48 PM ---------- Previous post was at 09:42 PM ----------

Quote:
Originally Posted by BigBobby View Post
Hello and welcome to the site!

I'm one of the bigger nerds on SFV, and I'm also from Massachusetts. I'm in Lexington now, but I lived in Lowell for 10 years and prefer to say that I'm from there. Which town or city are you from?

30% is a lot to withhold. From the tax tables you'd need to have taxable income over $83k to be taxed that much. Check out page 14 of this link -> http://www.irs.gov/pub/irs-pdf/i1040tt.pdf?portlet=103

I'm guessing that you're not making that much, or you wouldn't be applying for public assistance. Also, if you're used to getting the earned income credit, then there's very little chance that $500 is going to result in you paying more (if any) taxes. That money would factor into your IEC though.

Honestly, do you have a ballpark estimate for how much you think you'll earn in 2012? It'd make the whole question a matter of looking things up in tables.

Also, in repsonse to another thread, I'd absolutely recommend going through the courts to get a support order. The child support guidelines are pretty simple, and I've never seen a judge order less than $50/week even when the guidelines calculate to $0.

Later,
Bobby

Interesting. But that link is only for federal tax right? Does that also cover self employment tax, and what about state?
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Old 08-21-2012, 12:07 PM   #14
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Default Re: Working at home and taxes

Quote:
Originally Posted by kricky517 View Post
Interesting. But that link is only for federal tax right? Does that also cover self employment tax, and what about state?
State is 5.3% flat, but in Mass it follows the Federal enough that if you aren't owing income tax to the Feds, you're very unlikely to owe any to Mass.

Self Employment Tax...I looked up Appen Butler Hill and Amazon MTurk and it seems you're right...they're paying you as an independent contractor so you're responsible for your own Social Security/Medicare taxes.

Those will cost you 13.3% (http://www.irs.gov/pub/irs-pdf/f1040sse.pdf). Even worse, you'll need to fill out the 1040 long form, so you can't use turbotax.com for free. There really isn't any way around that 13.3%, kudos for you for being aware that you needed too pay it, and I imagine there are a lot of people using those online sources of income that were not aware enough to save for it.

As for the federal/state income tax, you probably aren't going to owe if you didn't owe before. There isn't anything so discontinuous in the tax laws where you go from getting money from the EIC to owing a lot due to <$1000 of income.

I just got to CA for vacation, but if this is still a question when I get back I'll make a spreadsheet that shows how much you'd need to make to owe what taxes given the situation I've gathered from your other posts. Heh...I'm a big nerd so this stuff is actually kind of fun, and I like doing it in a way where we both come out understanding everything (unlike those paid professionals who like to keep people in the dark).

The CS guidelines too...a spreadsheet with some estimates could tell you how fair/unfair the $300/month the father offered is to your child. Either way, it's best to get an order or else he can just change his mind at any time. I handled my own divorce and CS modification in Mass and it wasn't very hard, although my son's mom didn't have a lawyer. It sounds like your child's father might be bluffing about a lawyer though...that happens.

Later,
Bobby
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