Tax Help...

Discussion in 'General' started by michaelandmeganc, Sep 9, 2012.

  1. michaelandmeganc

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    I'm not familiar with the tax thing and working online. I had asked about it earlier and learned some useful advice. I have a few more questions I would like to ask. Please take into consideration I am a complete newbie and learning.

    Say the scenario is you make a certain %, to where you have to pay taxes from making money online. So do you keep a certain percentage that you make each week, in order to pay the IRS when that time comes? If so, how much is safe to put away?

    I just don't want to start making money online, then not save enough, then owe irs thousands of dollars time taxes come around. Keep in mind, I spend about 10 hours a day online, so between this and online surveys, and parenting this is my occupation.
     
  2. ohsostrange

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    If you're American, you've got pay 15% self-employment tax on everything you make on MTurk. So be sure you put at least that much aside for taxes.
     
  3. Scott

    Scott User

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    There is also no minimum on what you can earn before you have to file / or declare money. IRS requires you to pay even if you only do one hit for .01 to claim it.

    NOW - You can claim a certain percentage of the cost of your Internet, computer, and other things you use while you work on Mturk. I am not sure how to tel you to do this - I recommend talking to a tax professional.
     
  4. mamakayy

    mamakayy User

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    That isn't my understanding from reading the mturk FAQ.

    I wa under the impression it had to be $500 from ONE request or before you had to report It as earnings.
     
  5. melissa71642

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    The $600 threshold is when requesters are required to send you a W9. Any and everything you earn on Mturk has to be claimed unless you fall under the threshold of not having to file income taxes at all and I don't know right off hand what that number is.
     
  6. ohsostrange

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    It has to be $600 from one requester before THEY have to report it and give you a tax form. Which is why most of the biggest requesters rip your quals out from under you for the rest of the year you after you hit about $500.

    But YOU have to report every penny you make from anybody to the IRS on your tax return.

    Edited to add: Posting at the same time as Melissa.
     
  7. mamakayy

    mamakayy User

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    Thanks for clarifying that. I had no clue.
     
  8. Belligerent

    Belligerent Active Member

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    We have to pay taxes when we make much lower than minimum wage? Interesting.. I wasn't aware of this. I am pretty naive about this kind of thing.. glad I ran across this thread.
     
  9. Khalinov

    Khalinov User

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    You will likely not be liable for any Federal Income Tax (FIT). The self-employment tax that everyone mentions covers all of your FICA contribution. When you have a real job and an employer, that 15.3% is split with you paying half and your employer paying the other half. If you are your own employer, you have to pay it all.
     
  10. michaelandmeganc

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    So how much do you guys set aside each week of your earnings?
     
  11. Bertha

    Bertha User

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    I think any personal tax info you need to ask a tax attorney or search online.
     

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