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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
Satisfied Customers: 1257
Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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taxes for babysitting

Customer Question

I was wondering if you were to watch children for a living. Is there a max amount of money you are allowed to make before paying taxes, and if so what is it?
Submitted: 11 years ago.
Category: Tax
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.

 You must report the income if you are self employed (as a babysitter or other job) if you have 400 or more even if you have no other income.  SE tax may be due when the profit is this amount or more even if you owe no income tax.  You may even be eligible for EIC which could give you a refund.


If you have other income, and must file a return, all of the income is reportable even if SE tax(ss/medicare tax) is not due.


 

Customer: replied 11 years ago.
Reply to Sandi Hargrove, SkyHawks's Post: Your answer said "you must report the income if you have 400 or more", is that $400 and is that a week, a month, a year? What percent of the income is ss/medicare?
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.

 The totals are per year. Schedule SE will compute the exact amount of ss/medicare tax due. 


The general principal of the form is that 15.3% of the profit that exceeds 400 will be the SE tax(ss/medicare).

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