I'm considered to be "self-employed". I made 12K last year. What do I owe the IRS? -?
I don't pay state income tax. I have no dependents other than myself. And I don't have deductible expenses. Or any records of chartiable contributions.
- pancakes & hyrupLv 61 decade agoFavorite Answer
Roughly 10%. If you have no dependants probably a little higher. Say bye-bye to $1,200-1,500. Sorry....
If that's ALL you made all year, then you may qualify for a lower income tax bracket and maybe even a home heating credit (assuming you live on your own, I don't know your age...)
The you'll probably be down around $500-$800 owed.
- Bostonian In MOLv 71 decade ago
Assuming that that is your net self-employment income, you'll owe $1,836 in Social Security and Medicare taxes and about $355 in income tax for a total of $2,191. If you did not make quarterly estimated tax payments there will probably be a penalty and interest for underpayment of estimated tax added on to that.
- $Sun King$Lv 71 decade ago
12K gross or net? Either way there should be a floor. In Canada they can't tax you on the first 8 or 9 thousand.
IF you are self-employed, you should be able to claim business expenses provided you have receipts. It also matters as to what form of business you are in.
Check out these resources and brush up for next year.
You may be frittering away hard earned deductions.
Small Business and Self-Employed One-Stop Resource
Tax information for individuals
Alternative Minimum Tax (AMT) Assistant for Individuals
Do You Need to File a Federal Income Tax Return?
Free Tax Return Preparation For You by Volunteers
1040 Central - What's new this year
- 1 decade ago
You still have to file. The IRS will determine what taxes you owe but beside that, you should also be paying into other taxes such as social security etc. If not you will cheat yourself out of money at retirement ( assuming the government doesn't cheat you first.)
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- 1 decade ago
You won't know until you sit down and fill out a 1040 along with a Schedule C. Do realize that you are going to be responsible for paying your own self-employment taxes. I'd like to help if I could. Let me know.
- 1 decade ago
The easiest thing to do is to call the IRS directly and ask them! They give free advice over the phone and are actually pretty friendly.
- KUJayhawksfan*Lv 51 decade ago
you may not have state income tax, but you will have federal income tax. So your answer is yes.
- Lisa ALv 71 decade ago
Fill out a 1040 and find out. You only have a few days left to do it anyway.
- Anonymous1 decade ago
My best guess (and this is JUST a guess) is that you will probably owe them about 3,000 dollars. That's because you have not paid taxes and you have zero dependents.
- karen iLv 51 decade ago
get yourself a tax form and tables and fill it out and you'll know.