I've searched through the learning center hubs, FAQ's, etc, but I just can't seem to find this answer anywhere. I may be blind though, or just ignorant, but now that I'm eighteen, I have taxes obviously for next year.
My question is this: Are taxes automatically subtracted out of your earnings like a normal job paycheck, or next April when I go to submit taxes, am I going to have to figure out the taxes for my earnings and pay them myself?
There is no withholding. And you get to pay both sides of the social security tax along with the income tax.
Actually, you might be able to escape the self-employment social security tax if you declare it as hobby income. If the total income is less than $400, shouldn't be a problem. Greater than $400 and the IRS might take a dim view of that classification however.
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