Do freelancers have to pay taxes?
December 312009
If you are a full time, self employed freelancer (artist)?
When do you begin paying taxes? At 18?
How much do you usually have to pay?
USA: Yes. Not only do you have to pay income taxes, you also have to pay "self employed social security tax" as well.
Whenever you get income, someone has to pay tax. Sorry, I don’t know what age you have to start filling out your own form, as opposed to having your parents do it for you. Probably 14.
Your income tax rate will depend on your income.
December 31st, 2009 at 12:44 pm
Yes, you have to pay taxes. Same rules as everyone else. If children have income that exceeds a certain amount, they have to pay, too. Same rates as everyone else.
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December 31st, 2009 at 12:59 pm
if you make an income, you have to pay tax
look on irs.gov for more info
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December 31st, 2009 at 1:11 pm
USA: Yes. Not only do you have to pay income taxes, you also have to pay "self employed social security tax" as well.
Whenever you get income, someone has to pay tax. Sorry, I don’t know what age you have to start filling out your own form, as opposed to having your parents do it for you. Probably 14.
Your income tax rate will depend on your income.
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December 31st, 2009 at 1:22 pm
You begin paying taxes as soon as your income exceeds $400 per year because you are self-employed. Your age is not a factor.
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December 31st, 2009 at 1:54 pm
You begin paying taxes anytime you begin working. I know that you can pay state tax quarterly (every 3 months) and the form they send you will help you figure out how much tax you owe for that 3 month period. Not sure about the IRS though, but you can check for yourself at http://www.irs.gov .
In general, just for your own budgeting purposes, it’s probably safe to estimate that the IRS and the state combined will take about 1/5 or 20% of your income.
ALSO NOTE, freelance art is sometimes considered a service, and some states may require you to collect sales tax on whatever you are paid on a particular job. You can either add it on top of your fee or include it in your fee, that part’s up to you.
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December 31st, 2009 at 2:18 pm
Everyone who earns an income over the minimum threshold (I believe it is 10,500 for an unmarried person) may be responsible for paying income taxes. It doesn’t matter if you are self-employed or employed by a corporation you still must pay taxes. There is also a self-employment tax.
You begin paying taxes when you begin earning an income. There is no age limit.
Federal taxes are between 10% and 35% of your total income depending on your "tax bracket". The more you make the higher your "tax bracket".
If you have deductions as most self-employed people do that will limit your tax exposure. For example of you paint portraits the cost of your supplies, your smocks, the space you use in your home, travel costs to go to art shows, etc. may all be tax deductions. For the best and most reliable information see a tax professional in your immediate area.
Best to you! Nothing, in my opinion, beats self-employment.
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