What is the name of your state (only U.S. law)? Michigan
Hi. I have posted in the threads below about my situation concerning being self employed and how it would affect my situation. Please give your advice if you can...
https://forum.freeadvice.com/landlord-tenant-issues-42/i-live-section-8-how-should-i-deal-starting-small-business-585993.html#post3117242
https://forum.freeadvice.com/social-security-disability-ssi-law-70/how-do-your-earnings-affect-your-ssi-income-585995.html#post3117253
I desire to become self employed as an affliate marketer through the Amazon Affiliate program. I know they desire a tax ID and I believe this is for tax reporting purposes? With earnings such as this am I correct to believe that you receive a form once you exceed $600 for a calendar year? Please clarify for me because I believe situations like online selling and the like are required to reported to the government as taxable income once you exceed $600 and you are considered a business rather than a hobby. (Is that true?)
My question is I know you have to pay taxes based on your tax bracket. And I know you have to pay self employment taxes. I am very unclear on self employment taxes. I currently receive SSI and if I made say $100 a month I believe this would be in the 15% bracket, but am not sure how much a percentage the self employment taxes would be. What percentage would employment taxes be for a 15% tax bracket? Is there an online calculator that would make this easy to calculate and get a good figure? Also how would charitable donations be figured in? (I donate $30 a month) I am hoping to learn this information so that I would have a better idea of how to do my taxes or understand them if I had them done by someone else.
Thanks
Hi. I have posted in the threads below about my situation concerning being self employed and how it would affect my situation. Please give your advice if you can...
https://forum.freeadvice.com/landlord-tenant-issues-42/i-live-section-8-how-should-i-deal-starting-small-business-585993.html#post3117242
https://forum.freeadvice.com/social-security-disability-ssi-law-70/how-do-your-earnings-affect-your-ssi-income-585995.html#post3117253
I desire to become self employed as an affliate marketer through the Amazon Affiliate program. I know they desire a tax ID and I believe this is for tax reporting purposes? With earnings such as this am I correct to believe that you receive a form once you exceed $600 for a calendar year? Please clarify for me because I believe situations like online selling and the like are required to reported to the government as taxable income once you exceed $600 and you are considered a business rather than a hobby. (Is that true?)
My question is I know you have to pay taxes based on your tax bracket. And I know you have to pay self employment taxes. I am very unclear on self employment taxes. I currently receive SSI and if I made say $100 a month I believe this would be in the 15% bracket, but am not sure how much a percentage the self employment taxes would be. What percentage would employment taxes be for a 15% tax bracket? Is there an online calculator that would make this easy to calculate and get a good figure? Also how would charitable donations be figured in? (I donate $30 a month) I am hoping to learn this information so that I would have a better idea of how to do my taxes or understand them if I had them done by someone else.
Thanks