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Do you have to file taxes for a side job you made less than 600?
Wiki User
∙ 10y ago
You are required to report ALL of your income, even barter income, regardless of the amount.
For each of your different businesses (if you have more than 1), you would file a separate Schedule C and Schedule SE. If you have more than $400 NET income from your schedule C, then it is Self-Employment taxable. Self-employment tax is merely both sides of FICA (aka social security/medicare); employee AND employer.
Any net income (or loss) from the Schedule C is then reported on the first page of the 1040. All of your income and loss (W-2, 1099-INT/Div, Stock Sales, Business/Schedule C, Rental/Schedule E, etc) are added together to determine your AGI. Then your exemptions and deductions (standard or itemized) are factored in to give you your taxable income.
Wiki User
∙ 10y ago
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