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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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How much taxes do I owe on less than $7,000?

Customer Question

If I made less than $7,000 dollars on my 1099 last year, how much if any taxes will I owe?

Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

If your total earnings were less than $7,000 for the year, then you would actually not owe any income tax, as long as you cannot be claimed as a dependent on someone else's return.

You would, however, still be liable for the self-employment taxes of social security and Medicare at a rate of 15.3%. So on earnings of $7,000, you would owe approximately $1,071 to cover those two taxes.

Thank you.