Independent worker tax issues?
February 19, 2009
Roy b asked:
I work at a job where i am an independent worker and they dont take taxes out. Im 17 and my father still claims me as a dependent. Ive saved 12.5% of my checks for my FICA tax, am i going to get that back or not?
So what do i do?
I work at a job where i am an independent worker and they dont take taxes out. Im 17 and my father still claims me as a dependent. Ive saved 12.5% of my checks for my FICA tax, am i going to get that back or not?
So what do i do?
im going to end up owing more than what i have saved up? so much for a tax return
One Response to “Independent worker tax issues?”
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February 20th, 2009 at 4:35 am
You will owe. Self-employment taxes are roughly 14.1% of your income, not 12.5%.
And if you made more than $5350, you will owe income tax as well.
Of course, at 17, I have trouble believing you are properly classified as a contractor anyway.