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Do I have to file federal taxes if I earned less than $5,000?
I am self employed as well. Let me know please? Thanks!
10 Answers
- 4 years ago
Self employed you have to file for income over $400, because you will owe some self employment tax.
- musicmanLv 54 years ago
Yes if you are self employed you have to file a tax return because they are going to charge you for self employment taxes, on what ever amount you make !
- Bostonian In MOLv 74 years ago
Yes, you are required to file. The filing requirement for self-employed individuals is only $400 for the entire year. If your net profit is $5,000, you will owe about $706 in self-employment tax but no income tax.
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- kelby7670Lv 74 years ago
You must file Schedule SE if you have $400 or more in self-employment income.
- SlickterpLv 74 years ago
Self employed you have to file for income over $400, because you will owe some self employment tax.
- JudyLv 74 years ago
Yes. For self-employed income, the limit if $400 for the year - that's when self-employment tax, for ss and medicare, kicks in. You won't owe income tax though, just se tax.
- StephenWeinsteinLv 74 years ago
Yes. Anyone who earns $400 or more in self-employment has to file federal taxes.