This question is pretty much reserved for U.S. citizens that have to file/pay taxes. I understand pretty much everything else about using Amazon aStore, etc, etc (eg making money online) except how to determine what taxes to pay (if any), if I have to report what I've earned (and how?), etc. Basically, when it comes to all things taxes in any form I have no idea what to do. (I'm 19, and taxes are handled by a family friend that I don't personally know all that well)
It is determined by the percentage (tax bracket) you're in, minus your deductions and tax credits. If you're in a 25% tax bracket and don't have any deductions/credits and you made $1000, you'll pay approximately $250. Your family friend will be able to give you exact numbers. You have to pay taxes on every dollar earned, but you'll only get a 1099-misc from companies that you made over $600 with. Keep in mind those are approximates and I'm not a tax advisor. Get professional help if you need real info
Right. So I would be able to go to the person that does our taxes, or some tax business place and they would be able to tell me if I earned $X from Amazon aStore, I need to pay $y to the IRS and how I would do that?
I don't have much experience in paying. I have extra withheld from my paycheck and usually get a refund. I would assume that you would either mail a check to the IRS or your tax preparer would mail it in with your documents if they don't file you online.
So if you make under $600 a calendar year with any company (like Google for instance,) then you don't even need to report your earnings, right?