It is self employed income.
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
File Schedule C with your Form 1040 tax return to report the business income and expenses. If the net profit if more than $400, attach Schedule SE to calculate the Self-Employment tax.
No comments:
Post a Comment