Not sure if I have meet the minimum requirement to pay taxes.

Hey everyone.

If I made around $12,500 last year on the internet from two companies I have already gotten 1099's from, still waiting for some other possibles.

I live in Tampa, FL and am 17 years old. So i'm not quiet sure on how this works, i'm soon to be a devirginized income tax payer.

Thanks!

 

If I'm not mistaken. You have to pay taxes if you are over 14 years old and made over $600 in a single year.

 

Ya, I remember hearing that. But lately i've been hearing the number $12,000.

 

Single and can not be claimed on your parents return. The tax bite starts somewhere between 8-9K of total earnings

The bad news is the fica contributions start at $400 of net self employement income at the fixed rate of 15.3%.

You are going to need to file a 1040, schedule C or ez-C and and SE.

 

You do have to file. Welcome to the tax paying community....it sucks!

 

You Do if you make over $600 a year, i'm 17 aswell and got my own EIN to pay my online and business taxes.