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| I though it should be around 20% altogether but I have been deducted 19.19 for NI and 55.80 as Income tax from 279 which works out something like 20% deduction as Income Tax and 7% for the NI. Is ... |
|
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I need earned income to open a Roth IRA, I am only 19 year old and I am a full time student.
I did sold stuff on ebay back in Fed-Mar 2008 and earned about $3000, but I want to contribute ... |
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| My ex husband is trying to claim our 2 kids. They live with me, he barely sees them and he only gives them $50 a week total. Some weeks he claims "I'm broke so I can't give them any ... |
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| when we file taxes this year we have to note our stimulus amount recieved in '08, will we get an extra $300 for the baby? not a big deal, just curious.... |
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| Recent college graduate working a full time job for the first time and really confused about taxes.... |
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| I know e-filing takes less time and gets processed sooner, however does it make a difference in how much you get back?... |
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will we still get our rebate direct deposited.
Additional Details
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 Which is a better investment - 7% tax-deferred or 9% taxable? |
Assume:
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- Tax is paid yearly on taxable interest.
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aces | Do i have to report $300 dollars as income? |
I have a regular salaried job. But I may make $300 dollars on an unrelated side project for a company if i were to design a logo for them.
Do I have to report this $300 dollars for taxes? If so how? |
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Donnao
 |
No, Don't worry about it. |
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Wayne Z
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Legally, whether its reported to the IRS or not, you have to claim it as income.
This income would go on Schedule C. |
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Judy1
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If the $300 was your only income, you wouldn't have to. But since you have other income too, then yes you are required to report it. You'll file a schedule C or C-EZ for the side job along with your regular return. |
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Steve
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You do have to report the income.
If you had expenses to offset the income, then report it on Schedule C. If not, then you could report it on the Miscellaneous Income line on your 1040. |
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marybobary
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Yes, you have to report all income. You would report that as self-employment income. |
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stephenweinstein
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Have to? No, being arrested is another option.
Seriously,
1. If you are an "employee" of the company for which you do this side job, then you receive a W-2 and report the income the same as you do the income from your regular job.
2. If you are not "employed" by that company, then you are an "independent contractor" (do not worry about what this term means). You report the income on Schedule C or Schedule C-EZ. If the total of all your Schedules C and C-EZ (including this one and any others) exceeds a certain amount, then you also file Schedule SE. You attach all the Schedules to your 1040 when you file it. |
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Susan H
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Technically, you do have to claim this money if your total income in over $400.00. And you will have to claim this money if the company you do the work for sends a 1099, which means they have also sent that information to the IRS. However, if you are paid cash and they are not reporting (1099) and it is a one time thing.....don't worry about it. |
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Kyle B
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If they send you a W2, yes. If not, no. |
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Brad
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Short answer is yes. When filing for taxes you must report all income that exceeds a few hundred dollars (I believe $400). All income received above that amount, regardless of its source must be reported. That means if you make $300 on a side job and $101 from your salary from your employeer you have to report $401 total income. If you make $75,000 salary and $300 on the side you must report $75,300 total income. The $300 is considered "self-employeed" and should be filed with a Schedule C. A simple tax program or an account can make this pretty easy. |
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