What kind of taxes to I have to pay if I make money online?
21. Aug, 2011 
6 Comments
Question by Thomas Fox: What kind of taxes to I have to pay if I make money online?
What kind of taxes to I have to pay if I make money online through Google AdSense or another program such as Amazon’s Affiliate program?
Best answer:
Answer by boilerette72
Income tax on miscellaneous income. However, you should consult a tax advisor.
Add your own answer in the comments!
Income tax (federal, and state and local if your area has them) and federal self employment tax
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
Fill out a Sch C or Cez with your income and expenses and apply bottom line to your 1040.
if any one place, like google sends you a 1099 for making more than $600 in a year with them, you’ll have to file a Sched C and SE with your 1040 – taxes will depend on your overall income, plus the self employment taxes on sched SE
Any money from each site, that you make over $600. They’ll send you the form to report as income on your taxes.
Don’t give out your SS# until you get to that point-in case you don’t have to.
Lots of sites will promise payments, but not all are legit.
Check out the site here:
http://tubeblogger.blogspot.com/2008/08/top-10-ways-to-make-easy-money-to-your.html
For a top 10 list of all the sites that work, you’ll find something.