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Tammy F.
Tammy F., Not an active Expert
Category: Tax
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Experience:  Not an active Expert
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how much money can you make per year without being taxed

Customer Question

How much money can you make per year without being taxed and how much or how can I calculate how much to set aside for monies over the amount in order to pay the correct amount at tax time? Is it a certain amount per $100/$1000?

Optional Information:
Hennepin, Illinois

Already Tried:
Nothing





Submitted: 8 years ago.
Category: Tax
Expert:  Tammy F. replied 8 years ago.

You can earn up to $400 as a self employed individual before you have to file a tax return. Or up to the standard exemption ($3200 for 2005) or you don't have to file if you work as an employee for someone else. However, if you pay in taxes during the year, you will want to file so that you can get some of it back at tax time if you are due a refund.


Your tax rates depends on your filing status, dependents, credits and deductions. It is not based on the amount of money that you earn.


Let me know if you still have questions.

Customer: replied 8 years ago.
I appreciate your help, Tammy...It's a little confusing to me because I haven't worked in over 10 years and recently had a part-time job for 3 months that ended last week...

I am paying back child support from a previous marriage because we had been on welfare during the marriage; with me getting the divorce and all...

Have been trying to make monies on the 'net' in order to pay the payments; my husband can't afford to help me but a little...

I really need to know, in order for him not to have to pay during tax time; other than claiming 'injured spouse'...

If I do find a way to make my own monies during the year(s) - self employed - what form should I use and what should I put down in the filing status..? Married, single..? Claim myself, or no..? Can't claim our son, because he is...

It's so confusing...Is there someway/where to find out more information that would help me..?
Expert:  Tammy F. replied 8 years ago.

Since you are still married, you really only have two options - married filing jointly or married filing separately UNLESS you have been legally separated for a length of time. This doesn't sound like it's the case in your situation.


If you file as married filing separately, they will not garnish his return to pay your debt.


If you are self employed:


Your self-employment income should be reported on Form 1040, Schedule C or on Form 1040, Schedule C-EZ.


Your Medicare and social security taxes are reported on Form 1040, Schedule SE.


As a self-employed person, you pay your Medicare and social security taxes the same way you pay your income taxes. If you expect to owe less than $1,000 in total taxes, you can pay them when you file your income tax return. If you expect to owe $1,000 or more in total taxes, you will need to make estimated tax payments. These payments are made quarterly using Form 1040-ES. You will need to figure these taxes at the beginning of the year. To learn about figuring and making estimated tax payments, please refer to Publication 505, Tax Withholding and Estimated Tax.


Let me know if you still have questions.

Customer: replied 8 years ago.
I may not have made myself clear enough a moment ago...the back child support I'm paying on is from a previous marriage...

My current husband has been trying to help me make my payments...

The information you just gave me is correct for what I've written above; being divorced and re-married?

Expert:  Tammy F. replied 8 years ago.

You will be required to file as married filing jointly or married filing separately with your current husband. If you file as married filing jointly, he will need to file as an injured spouse or his portion of the return will be garnished along with yours.


I'm sorry. Maybe I'm not completely clear on what you want to know.


When I read it the first time, I thought that you were divorcing husband #2 and he was the one who was trying to help you. Was that wrong?


Please let me know where I have led you astray so that we can fix it!


:-))


Customer: replied 8 years ago.
I'm sorry...that's why I think I wasn't clear enough...

I had been married, years ago; having 2 children by that marriage; I filed for divorce...

Because of the fact that we were on welfare during the marriage and that he remained on welfare after our divorce, I had to pay child support; because of the fact that I requested and got the divorce and he kept the children...

I am happily married again to my current husband; over 10 years...and he is the one that has been trying his best to help me make the back child support payments that I owe...

My children from the previous marriage are adults now...but I owe the State in the arrears of $12,000...

Thank you for your help, I really appreciate it...
Expert:  Tammy F. replied 8 years ago.

Ok. That makes more sense. I truly think that the best thing that you can do is go ahead and file a joint return and let your refund be garnished and used to fulfill your debt. This will get you closer to paying it off.


If you don't want to go this route, your only other option is for your current husband to file as an injured spouse. This way, when you file, your portion of the return will be garnished and he will still receive his.


Make sense now?

Customer: replied 8 years ago.
Yes, thank you...

So, if I make monies, 'self-employed', and make enough where I'll have to pay into taxes at end of year, how does that affect the filing process and my support payments..?
Expert:  Tammy F. replied 8 years ago.

If there is no refund to garnish, then you will have to fulfill your debt another way. If you are self employed, you will need to make estimated quarterly tax payments so that you can avoid an underpayment penalty.


Your support payments won't be garnished if there is nothing to garnish from.


Tammy F., Not an active Expert
Category: Tax
Satisfied Customers: 9168
Experience: Not an active Expert
Tammy F. and 8 other Tax Specialists are ready to help you
Customer: replied 8 years ago.
I really appreciate your help...

Thanks again, and I hope you and yours has a very blessed holiday season...

Karen
Expert:  Tammy F. replied 8 years ago.
I hope that you do, too! And thanks for the bonus!
Customer: replied 8 years ago.
Reply to Tammy Falkner's Post: You betcha...

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