How do I pay taxes working odd jobs while in college?
I am 24 and am just now going to start college. I will be working several little jobs here and there babysitting and cleaning. I am not sure how I should claim this for taxes. I have not been claiming taxes but want to start doing it because I don't want to get in trouble later. How should I keep track and file for this?
Asked By: Tara B - 6/17/2008
Best Answer - Chosen by Asker
If you are not an actual employee, you are self-employed or considered an independent contractor. You will want to look at the instructions for Schedule C and Schedule SE the self-employment tax. You will want to pay estimated taxes on a quarterly basis, or you may be charged an underpayment penalty... More
Answered By: DJ - 6/17/2008
Additional Answers (1)
Assuming that you aren't getting a W-2 for those jobs, keep track of the income and any associated expenses. You'll fill out a schedule C or C-EZ showing your income and any associated deductible expenses, a schedule SE to calculate your self-employment tax, and a form 1040 to calculate your total tax.
Answered By: Judy - 6/17/2008
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