How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year 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.

Please let me know if you need anything additional. If not, please rate positive.