How much money can you make until you have to start paying taxes?
I just started cleaning houses for some extra money. I make about $100 a week. Do I need to pay taxes on this money? Do you know how much money I can make with out having to pay taxes?
Tags: extra money, how much money, money, much, paying, Start, taxes, until, week
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July 24th, 2010 at 5:03 pm
$600 at any one company or job… Then you have to report…
July 24th, 2010 at 5:26 pm
I BELIEVE if you make less than 7k a year, you do not have to pay taxes. 100/wk puts you at 5200 a year so I think you’re ok.
July 24th, 2010 at 6:05 pm
You can make as little as $5 a week, and still have to pay taxes. That’s no bulls—!
July 24th, 2010 at 6:19 pm
Yes you do, you must report and pay taxes on All income you receive no matter what it’s source!
July 24th, 2010 at 6:46 pm
It depends on a lot of things like… are you a full time student? do you have unearned income?, etc.. You probably ought to ask someone who is an accountant (or works for one) in your area, rather than depending on what people say here. They may or may not be correct.
July 24th, 2010 at 7:24 pm
depends on your filing staus and alot of things
July 24th, 2010 at 7:30 pm
Depends on your marital status, number of dependents if any, if you’re a dependent of anyone else, and any other income you (or a spouse) have. Also depends if you are considered an independent contractor or not.
If you’re working for an employer, are single with no dependents, last year you could earn $8200 before you even had to file. Anything under that you wouldn’t owe taxes. You’d still get a W-2 from your employer at the end of the year showing your income and any withholding. If anything was withheld for income taxes, you would still want to file to get that money back. You might also be eligible for something called the Earned Income Credit which is a program that gives additional money to low income people who are working – if you don’t file, you don’t get that.
If you are a dependent of someone else (like your parents) then the filing limit would be lower. And if you’re considered an independent contractor rather than working for an employer, you’d be responsible for paying both the employee and the employer parts of Social Security and Medicare taxes.
But if you’re an employee, single, and not someone else’s dependent, then you won’t have to pay taxes if you’re only making $100 a week. The limits will go up a little this year from the $8200 last year, but I haven’t seen the new numbers out yet.
The above info is for federal taxes. Depending on where you live, there might be state and/or local taxes that you might have to pay.