Do I have to pay taxes for income from a second job in which I will make under $1000?

Question

I will make about $100k from my primary job this year.  I also started doing some handyman work for another company on the side at $50/hr.  Is there a minimum amount of money I can get paid for the second job so I won't have to pay taxes on the income?  The handyman work is few and far between.  I will probably end up making $500-$1000 from it this year.

Judy · Accepted Answer

The minimum you could make from a side job and not have to report it is 50 cents for the year.  So yes you have to report it and pay tax on it.

Anonymous · Answer

The 1040 doesn't distinguish between job 1 and job 2.  It uses totals.

So if you are already in the 25% tax bracket (you don't say if you are single or married), the extra $500 to $1000 of income on a w-2 will cost you $125 to $250 in federal income tax.

Slickterp · Answer

Yes you do.  B/c of your income from your first job, you pay tax on anything above 50 cents.  Nothing you can do to avoid that.

Bash Limpbutt&#39;s Oozing Cyst© · Answer

The maximum that you can earn without reporting it is 49¢.  At 50¢ it rounds up to $1 and will be taxed at that point.

Wayne Z · Answer

Yes.

As you are already over the filing requirement, any and all additional income must be reported (even $1).

pickmefirstplz · Answer

you are supposed to pay taxes on all earned income

tro · Answer

no matter how much you make it will add to your overall gross
you will owe self employment tax on anything in excess of $400

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Do I have to pay taxes for income from a second job in which I will make under $1000?

7 Answers