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This answer was rated:

I am a dependent (under 24 and a full-time student) that is

considered self-employed because my employer...
I am a dependent (under 24 and a full-time student) that is considered self-employed because my employer does not pay social security. I make around 11,000 a year. How much do I owe?
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Answered in 5 minutes by:
9/20/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

Let me put your information into a tax calculator. Hold on for just a minute

Customer:

Thank you Megan

Megan C :

You're welcome.

Megan C :

Is the $11,000 after expenses?

Customer:

expenses meaning expenses related to the job?

Customer:

If so, yes

Megan C :

Yes, that's what I mean

Megan C :

I'm showing that you will owe total approx $1,800

Customer:

That is income tax, social security and medicare combined?

Megan C :

That's all taxes combined, yes

Customer:

and that's for the year ending April 15, 2013?

Megan C :

about $430 of it is income tax, the rest is self employment taxes

Megan C :

The year ended December 31, 2013 but you file your taxes by April

Customer:

oh okay, obviously I'm a little new to this. Thank you so much for your help. Can I know how you calculated the income tax?

Megan C :

I used the TurboTax Taxcaster. It's set up with 2012 information in it, but 2013 is not going to be much different in your case.

Customer:

alright, good to know. Thanks again.

Megan C :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
Megan C and 87 other Tax Specialists are ready to help you
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Thanks, John for your positive rating. Please come back and visit me any time you have a tax, finance, or social security question. It was a pleasure working with you today.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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