Hi,
I am conducting classes online and my students will pay me through paypal, do i need to pay taxes at the end of year on my paypal earnings? One of my friend told me that i no need to pay, is it true? please confirm.
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"Do I Need To Pay Taxes On My Paypal Earnings?" was posted on Saturday, December 12th, 2009 at 7:38 pm.
“Do I Need To Pay Taxes On My Paypal Earnings?”下有5 Responses条评论.
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Your income is subject to income tax and SE tax on the net. If this were your only income and it were less than $400 gross you would not have a filing requirement.
Dear Lets: You will list your income and expenses on Sch C if you have a filing requirement. ($400) You are a Sole Proprietor and yes you have to declare all income. Look at http://www.irs.gov and the instructions for Sch C.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
The law states that you are to claim all income for tax purposes. Now if you don’t earn enough to have to pay then you may owe nothing,but don’t cheat,they have their ways..Ok?
Yea, paypal is a bank and they report deposits to the federal government like all banks.
IRS has no provision like you no need to pay.
You are self employed. You must file your tax return if your self employed income is $400 or more. You will report your income and expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). Half of SE tax is deductible on line 27 of Form 1040.
Read: http://taxipay.blogspot.com/2008/04/tax-…