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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I am single. Last year I recieved 14,038.80 from Social

Customer Question

I am single. Last year I recieved 14,038.80 from Social security. 1126.50 in commission sales and 11,725.80 from an annuity I am 83 and have Hospital insurance. What is my tax liability and How should I filw.
Submitted: 10 months ago.
Category: Tax
Expert:  Megan C replied 10 months ago.

Thank you for your question. You will file single. None of your social security will be taxable. However, you will need to file your taxes as your commissions are over $400 and you will need to pay a small amount of self employment taxes. Your income tax will be $250, which is simply the employment tax on the commission sales if filed on a 1099. If you received a W-2, you owe no tax but should still file to get a refund of any withholding.

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