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Hi from just answer. I'm PDtax, and can assist.
Self employment income has a much lower threshold to be reported. If you have this type of income above $400 in taxable income, it has to be reported. That's because the self employment tax kicks in much earlier.
The good thing about self employment income is many expenses are deductible from it. Travel to and from the job, supplies, and many other deductions that employees do not get to claim can reduce the self employment income and its tax.
Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.
Self employment income is subject to two levels of tax. That income is subject to a self employment tax rate of 15.3%, which paid the social security and Medicare taxes you might be used to as withheld from a paycheck. The second is income tax.
Your total income might not be taxable, but there is self employment tax to be collected on your self employment income. IRS collects both on the 1040 you are filing.