Hi can someone fill me in or direct me to a source where I can find out the cutoff income is between filing and not filing for income tax? Thanks.
Are you self-employed? employed? sold a house? all depends... the best thing to do is to check with your accountant
There is no cutoff point. All income must be reported. In practice there is no penalty for failure to file provided: you do not owe any money and all your income was from jobs with full withholding. Best bet is to file.
I have made $x,xxx's with google, tribalfusion, and more programs, but how do I file taxes? This is my first time...
If you've made $500, I think you're fine for now. I believe you must make over $600 in PROFIT, not revenue.
If you have more than $400 of net income from self-employment you had darn well better file. Google income is business income and is reported on scheule C. Most small businesses can use schedule C-ez which only has a few lines to fill in and then the info is transferred to form 1040 or 1040A. Assuming you are of age and can not be claimed on some one else's return, unless your total income from all sources is over $8000 more than likely you won't owe any taxes. You will owe social security taxes at the rate of 15.3% of your net income. This computed on schedule SE.
Google will mail you a 1099 by Jan 31 if your gross earnings were over $599.49. They may do it anyway. A lot of companies do.